April 2019 Oakville Real Estate Update

April 2019 Oakville Real Estate Update
April 2019 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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April 2019 Oakville Real Estate Update, and we’re into the height of the Spring market.  

According to the Toronto Real Estate Board, the number of properties sold in April was 343. Which is substantially more than sold in March. Selling prices remained stable, and multiple offers subsided with a few exceptions. The number of days on market dropped.

Year to date Statistics

  1. Homes sold: 937
  2. Median price: 880,000
  3. New Listings: 2,205
  4. Sold price vs list price: 97%
  5. Days on Market: 30

April 2018 Oakville Real Estate Update

The number of new listings was 743 with a total number of 945 active listings. There was 3.5 months of inventory which is a slight drop from March. Properties sold for 97% of list, and typically sold in 25 days.

Unit Sales per type:

  1. Detached: 181
  2. Semi-Detached: 6
  3. Condo-Townhouses: 25
  4. Condo-Apartments: 49
  5. Attached/Row/Townhouse: 58

April 2019 Oakville Real Estate Update shows the GTA’s average home price increased to $820,12 or 1.89% from April 2018. This is a significant improvement from March 2018 to March 2019 of 0.05%.

Median sales price according to type:

  1. Detached: $1,224,400
  2. Semi-Detached: $818,500
  3. Condo Townhouse: $498,889
  4. Condo Apartment: $450,000
  5. Attached/Row/Townhouse: $770,000

Average days to sell in March:

  1. Detached home: 26
  2. Semi-detached: 10
  3. Condo-townhouse: 24
  4. Condo-apartment: 30
  5. Attached/Row/Townhouse: 20

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Detached homes sold for 97% of the list price, semi-detached: 100%, condo-townhouse: 98%, apartment: 97%, and townhouse: 99%.

The total number of homes sold in April 2017 was 284 and this year it increased to 343. This is an improvement of 21%. Year over year the price of a detached home increased by 1.1%, semi-detached by 2.1%, townhouse by 4.5% and an apartment 2.2%. Every category is positive. Only detached homes showed a slight decline when the rate of inflation was considered.

Over all the real estate market is normalizing. Traditionally prices of homes increased at the same level as inflation. At least for April 2019 that was the case.

“After a colder, quieter March, we’re finally seeing a much more active Spring Market,” stated OMDREB President Oliver Matas.

Sources:
Toronto Real Estate Board (TREB)

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