December 2018 Oakville Real Estate Update

December 2019 Oakville Real Estate Update
December 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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December 2018 Oakville Real Estate Update is not looking bad, it isn’t looking good, it just is. It is balanced. Nothing that isn’t typical of a holiday month, where 2 weeks of the month are quiet.

Comparing the number of properties sold from December 2017 of 121 to December 2018 of 121 exhibits a stability according to the Toronto Real Estate Board (TREB).  On the other side, the Oakville Milton District Real Estate Board (OMDREB) reported a downward trend.

Garry Bhuara, President of TREB stated, “Higher borrowing costs coupled with the new mortgage stress test certainly prompted some households to temporarily move to the sidelines to reassess their housing options. With this said, it is important to note that market conditions were improved in the second half of the year, both from a sales and pricing standpoint.”

OMDREB states the number of units sold dropped by 32. It appears that Toronto Agents are not listing Oakville Properties on the OMDREB system.

The number of new listings was 159 with a total number of 553 active listings. There was 3.5 months of inventory. Properties are selling for 95% of list, and typically sold in 28 days. Often properties come off the market during the month of December and re-list in late January early February.

November 2018 Oakville Real Estate Update

December 2018 Oakville Real Estate Update shows the GTA’s average home price dropped from $750,180 (November 17) to $734,847, a decrease of 3.5% . According to the Oakville Milton District Real Estate Board (OMDREB) the cost of an average home’s increased to $1,157,157. It increased from last December’s $1,077,595.

Year to date 2,886 properties sold, the average price was $1,041,279, the median price was $910,000. They sold for 97 percent of list and the sale took 30 days.

Median sales price according to type:

  1. Detached: $1,180,000
  2. Semi-Detached: $742,500
  3. Condo Townhouse: $515,000
  4. Condo Apartment: $425,000
  5. Attached/Row/Townhouse: $710,000

Average days to sell in December:

  1. Detached home: 50
  2. Semi-detached: 38
  3. Condo-townhouse: 33
  4. Condo-apartment: 48
  5. Attached/Row/Townhouse: 26

The list price vs sold price is tight. Detached homes sold for 95% of the list price, semi-detached: 99%, condo-townhouse: 97%, apartment: 94%, and townhouse: 97%.

For December, year over year detached homes prices increased 3.08%, attached increased 1.44%, townhouses increase 1.81%, and apartments increased 0.90%. Year over year, prices for detached and attached stabilized. The average increase for all properties was 2.46%.

Sources:

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


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