February 2020 Oakville Real Estate Update

February 2020 Oakville Real Estate
February 2020 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 February 2020 Oakville Real Estate statistics are indicating that the market is hot. Regardless of what you may have purchased in February of 2019, the increase in your property’s value has soared past inflation. 

Looking at listings on Realtor.ca (March 9, 2020), the lowest priced detached house is a 2 story 3 bedroom 3.5 bath in a with a single car garage located in the community of Clearview. It has hardwood floors on the main floor, a wood burning fireplace and has granite counters in the kitchen and bath.

“The extraordinary record breaking results reported here in our real estate marketplace reflects a tremendous surge in property sales and dollar volume. Buyers signaling an earlier start to the spring market with strong, robust sales activity. Luxury infill and detached homes sales in Oakville fared very well when viewing the $1M plus to $2.5M sale price ranges” noted Board President Richard Weima.

According to the Toronto Real Estate Board, the number of properties sold in Oakville for January was 302.

Greater Toronto Area REALTORS® reported 7,256 sales through TREB’s MLS® System in February 2020. This result was up by a 45.6 per cent compared to February 2019. The GTA’s average home price increased to $910,290  or 16.74 per cent increase from February 2019.

February 2020 Oakville Real Estate Statistics

Year to date statistics

  • Units Sold: 481
  • Medium Sales Price: $999,900
  • Sold vs list price: 99%
  • Days to sell: 34

 

The number of new listings was 464 with a total number of 449 active listings. There was 2.6 months of inventory which is a decrease from January. Properties sold for 99% of the last listed price, and typically sold in 24 days.

Unit Sales per type:

  • Detached: 166
  • Semi-Detached: 14
  • Attached/Row/Townhouse (freehold): 55
  • Condo-Townhouses: 25
  • Condo-Apartments: 38
  • Link: 4

 

Median sales price according to type:

  • Detached: $1,302,500
  • Semi-Detached: $884,444
  • Attached/Row/Townhouse (freehold): $857,440
  • Condo Townhouse: $617,000
  • Condo Apartment: $536,500
  • Link: $854,500

 

Average days to sell a home

TREB is using a new calculation method. If the property was listed before, those days are now included.

  • Detached home: 23
  • Semi-detached: 10
  • Attached/Row/Townhouse (freehold): 16
  • Condo-townhouse: 11
  • Condo-apartment: 16
  • Link: 12

 

Detached homes sold for 98% of the list price, semi-detached: 102%, freehold townhouse: 102%, condo-townhouse: 102%, apartment: 102%, and link: 102%.

Oakville year-over-year statistics

  • Detached home price increased by 11.83%
  • Semi-detached prices increased by 9.31%
  • Townhouse prices increased by 12.05%
  • Apartment increased by 18.12%

“Buyers moved on this more readily available segment of the market, all which bodes well for the dream of home ownership. Just two months in, with reduced interest rates and recently revised mortgage rules, our local real estate market continues to show signs of buyer confidence, driving home construction and real estate investment,” stated Weima.

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

February 2019 Oakville Real Estate Update

Source:
Toronto Real Estate Board (TREB)

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