July 2017 Oakville Real Estate Update

July 2017 Oakville Real Estate Update
July 2017 Oakville Real Estate Update
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Nolan A Machan

Nolan A Machan

Nolan Machan is the Publisher of OakvilleNews.Org and has over 41 years of local Oakville knowledge. He is committed to providing Oakville residents with the most up-to-date information about our great town.

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The July 2017 Oakville Real Estate Update indicates that prices are rising, but the number of properties sold has sharply declined, according to the Oakville Milton District Real Estate Board (OMDREB). OMDREB released its monthly update in early August 2017.

The number of all property sold in July 2017 decreased by 50 percent  compared to the same period in 2016. Monthly property sales totalled 138 compared to 276 in July 2016. The decline is more pronounced then the numbers released by the Toronto Real Estate Board (TREB).

June 2017 Oakville Real Estate Update post

On August 3, 2017, TREB President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 5,921 residential transactions through TREB’s MLS® System in July 2017. This is a decline of 40 percent.

The average sold price of an Oakville property increased to $1,114,913 in July 2017 from July 2016’s $1,044,974. In comparison to the GTA, Oakville’s overall average sale price is $368,000 higher, which makes Oakville one of the more expensive communities to reside.  Oakville’s median price rose by 4 percent.

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Single detached homes made up the majority of sales in July 2017, and accounted for 64 percent of total sales in July 2017. This was followed by condo apartments and townhomes at 19 percent.

If you are looking to purchase a detached home in Oakville you’ll likely be spending in excess of $1,000,000. The cheapest knock down will be in the $600,000 area.

The majority of semi-detached, linked and freehold towns are selling between $600,000 to $800,000. The majority of condo apartments and townhouses are selling between $400,000 to $600,00. Currently listed, Oakville’s most expensive condo is in a new building under construction located at Sheddon and Allan in Old Oakville. The asking price is $4,953,795. This penthouse will be 3865 sq ft not including the 1290 sq ft of terraces. It features a large living room, a private den, a gourmet kitted out kitchen, a spacious separate dining room, 3 bedrooms, 2 full bathrooms, and a powder room.

The July 2017 Oakville Real Estate Update is indicating that buyers are not going to have as much competition when they are purchasing; however, sellers are not interested selling property at drastically reduced prices.

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