If you only look at the average, The Preserve's sold price dropped to about $1.09 million in October. That's down 16% from last October.
That's not prices falling. 6 of the 17 sales were condos. When more of the cheaper homes sell, the average drops on its own.
Here's what actually happened.
17 sales, up from 8 in September and 12 last October. Quick note on September. The newest data updated it to 8 sales, not the 7 I told you last month. Detached moved up from about $1.45 million to $1.57 million too.
New listings came in at 49, up a little from 46 in September and well under last October's 61. So sales picked up while listings stayed about the same.
Homes took 33 days on market, about the same as September. Last October it was 30.
Detached averaged about $1.74 million on 6 sales, and they sold in 19 days. Last month I said let's see if October backs up September's dip. It didn't. Still, last October detached was around $1.93 million, so we're under a year ago.
Townhomes averaged $990,667 on 5 sales, in 28 days. Last October it was $1,186,000. That townhome slide I keep talking about is still there.
Condos finally moved. After two months with no condo apartment sales, 5 sold at an average of $507,980. They took a while though, 56 days on average. 1 condo townhouse sold at $580,000.
Now the number I'd actually watch. In September homes sold at 94.5% of list price, the lowest since January 2023. In October it was 96.8%. That's right where it was last October.
On a $1.09 million home, that's about $35,000 under asking instead of around $60,000. So September's dip doesn't look like a trend yet. Buyers are still negotiating, just not as hard.
For context, all of Oakville went the other way. 187 sales, down 25% from last October. The Preserve was up 42%. Across Oakville homes sold at 96% of asking, so we're right in line there.
Three things I'd want you to take from this
1. When the average drops, ask what sold. A 16% drop with 6 condos in the mix is a mix change. Freehold on its own is down about 5.5% from last October.
2. Condo apartments are selling again, slowly. 5 sales at 56 days. If you're selling one, price it right and give it time. If you're buying one, you've got room to negotiate.
3. It's about to get quieter. Last year new listings in The Preserve dropped from 61 in October to 37 in November. Fewer homes to compete with if you list, but fewer buyers out too.
November numbers next month, same way. What happened, how thin the sample is, and what it means for you.
