August 2018 Oakville Real Estate Update

August 2018 Oakville Real Estate Update
August 2018 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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August 2018 Oakville Real Estate Update stats infers that property values continue to increase as we enter the fall buying season. It appears that the decline of real estate values reached its bottom, this is especially true for apartments and townhouses.

“It is encouraging to see a continued resurgence in the demand for ownership housing. Many home buyers who had initially moved to the sidelines due to the Ontario Fair Housing Plan and new mortgage lending guidelines have renewed their search for a home and are getting deals done much more so than last year. In a region where the economy remains strong and the population continues to grow, ownership housing remains a solid long-term investment,” said Mr. Bhaura.

The recorded number of resident sales for August 2018 was 259. The number of new listings was 428, with a total number of 782 active listings. There was 3 months of inventory. This keeps inventory at a steady level. This is below the July 2018 months of available inventory, a positive sign for sellers.

July 2018 Oakville Real Estate Update

August 2018 Oakville Real Estate Update shows the GTA’s average home price rose by 4.7% (TREB). The Oakville Milton District Real Estate Board (OMDREB) shows a home’s average sale price in Oakville increased by 3% to $1,179,288.

In August 2018, an average Oakville property took 36 days to sell an increase of 6 days, and it sold at 97% of the last listed price.

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Median sales price according to type:

  1. Detached: $1,200,000
  2. Semi-Detached: $790,000
  3. Condo Townhouse: $551,500
  4. Condo Apartment: $459,000
  5. Attached/Row/Townhouse: $747,500

Average days to sell in August:

  1. Detached home: 37
  2. Semi-detached: 47,
  3. Condo-townhouse: 30,
  4. Condo-apartment: 39,
  5. Attached/Row/Townhouse: 31

The list price vs sold price is tight. Detached homes sold for 96% of the list price, semi-detached: 97%, condo-townhouse: 99%, apartment: 99%, and townhouse: 97%.

In August year over year detached homes prices increased 0.00%, attached increased 0.69%, townhouses increase 3.62%, and apartments increased 6.6%. The trend is solidly up for almost all types of properties and flat for detached.

“Market conditions in the summer of 2018, including this past August, were tighter than what was experienced in the summer of 2017. In August, the annual rate of sales growth outpaced the annual rate of new listings growth,” said Jason Mercer, TREB’s Director of Market Analysis. “This could present a problem if demand continues to accelerate over the next year, which is expected.”

Sources:

Toronto Real Estate Board (TREB)
Oakville Milton District Real Estate Board (OMDREB)

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