January 2020 Oakville Real Estate Update

Are we entering into a seller's market with multiple offers?

January 2020 Oakville Real Estate Update
January 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 January 2020 Oakville Real Estate statistics are indicating that the market is heating up. If you purchased a condo or townhouse in January 2019, your property’s value may have gone up by double digits. 

Looking at listings on Realtor.ca (February 6, 2020), the lowest priced condominium apartment is a 2 bedroom 1 bath in a low rise located with in walking distance Abbey Park High School. It has two parking spaces, a wood burning fireplace and has been updated with granite counters in the kitchen and bath. The monthly fee is $475.

There are only 7 condominiums apartments listed under $500,000, which explains the soaring prices.

According to the Toronto Real Estate Board, the number of properties sold in Oakville for January was 179.

“A year seems to have made a big difference. It is clear that many buyers who were on the sidelines due to the OSFI stress test are moving back into the market, driving very strong year-over-year sales growth in the detached segment,” said Jason Mercer, TRREB’s Director of Market Analysis and Service Channels.

Greater Toronto Area REALTORS® reported 4,581 sales through TREB’s MLS® System in January 2020. This result was up by a 15.45 per cent compared to January 2019. The GTA’s average home price increased to $839,363  or 12.34 per cent increase from December 2018.

“The real estate market continues to be driven by an excessive shortage of needed listings with reports of market segments returning to the days of multiple offers. The $500K to $1M segment in all of Halton is in great demand,” says OMDREB President Richard Weima.

January 2020 Oakville Real Estate Statistics

Year to date statistics

  • Units Sold: 179
  • Medium Sales Price: $999,999
  • Sold vs list price: 98%
  • Days to sell: 33

 

The number of new listings was 350 with a total number of 388 active listings. There was 2.8 months of inventory which is a decrease from December. Properties sold for 98% of the last listed price, and typically sold in 33 days.

Unit Sales per type:

  • Detached: 107
  • Semi-Detached: 2
  • Condo-Townhouses: 20
  • Condo-Apartments: 18
  • Attached/Row/Townhouse (freehold): 30
  • Link: 2

 

Median sales price according to type:

  • Detached: $1,300,000
  • Semi-Detached: $795,350
  • Condo Townhouse: $605,000
  • Condo Apartment: $468,450
  • Attached/Row/Townhouse (freehold): $844,000
  • Link: $833,750

 

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: 39
  • Semi-detached: 4
  • Condo-townhouse: 27
  • Condo-apartment: 18
  • Attached/Row/Townhouse (freehold): 32
  • Link: 7

 

Detached homes sold for 97% of the list price, semi-detached: 107%, condo-townhouse: 100%, apartment: 100%, freehold townhouse: 99%, and link: 101%.

Oakville year-over-year statistics

  • Detached home price increased by 9.83%
  • Semi-detached prices increased by 8.29%
  • Townhouse prices increased by 11.69%
  • Apartment increased by 16.49%

 

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

January 2019 Oakville Real Estate Update

Source:
Toronto Real Estate Board (TREB)

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