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December 2019 Oakville Real Estate Update

Home prices increase 7.5% over the past year

December 2019 Oakville Real Estate Update
December 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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The December 2019 Oakville Real Estate Update shows that you made a decent return on your home last year. The end of the year allows us to reflect on what happened over the year to the price of a typical/average home in Oakville. The prices of a homes increased by 7.5% is what happened.

According to the Toronto Real Estate Board, the number of properties sold in Oakville for December was 157.

“We certainly saw a recovery in sales activity in 2019, particularly in the second half of the year. As anticipated, many home buyers who were initially on the sidelines moved back into the market place starting in the spring. Buyer confidence was buoyed by a strong regional economy and declining contract mortgage rates over the course of the year,” said Mr. Collins, Toronto Real Estate Board President.

Greater Toronto Area REALTORS® reported 4,399 sales through TREB’s MLS® System in December 2019. This result was up by a 17.43 per cent compared to December 2018. The GTA’s average home price increased to $837,788  or 10.6 per cent increase from December 2018.

December 2019 Oakville Real Estate Statistics

Year to date statistics

  • Units Sold: 3,087
  • Medium Sales Price: $910,000
  • Sold vs list price: 97%
  • Days to sell: 30

The number of new listings was 110 with a total number of 352 active listings. There was 2.9 months of inventory which is a decrease from November. Properties sold for 97% of the last listed price, and typically sold in 34 days.

Unit Sales per type:

  • Detached: 84
  • Semi-Detached: 3
  • Condo-Townhouses: 11
  • Condo-Apartments: 23
  • Attached/Row/Townhouse: 36

Median sales price according to type:

  • Detached: $1,202,500
  • Semi-Detached: $880,000
  • Condo Townhouse: $630,000
  • Condo Apartment: $441,600
  • Attached/Row/Townhouse: $835,000

Average days to sell a home

  • Detached home: 37
  • Semi-detached: 31
  • Condo-townhouse: 32
  • Condo-apartment: 29
  • Attached/Row/Townhouse: 31

Detached homes sold for 96% of the list price, semi-detached: 98%, condo-townhouse: 99%, apartment: 99%, and townhouse: 98%.

Oakville year-over-year statistics

  • Detached home price increased by 7.7%
  • Semi-detached prices increased by 8.05%
  • Townhouse prices increased by 9.75%
  • Apartment increased by 6.06%

Oakville’s residential real estate market keeps strengthening. Prices and the days on market increased and inventory decreased.

December 2018 Oakville Real Estate Update

Source:
Toronto Real Estate Board (TREB)

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