July 2019 Oakville Real Estate Update

July 2019 Oakville Real Estate Update
July 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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July 2019 Oakville Real Estate Update shows a strong and healthy market. The number of units sold increased, and the price of units increased  (except one). This is the first month when the amount of available inventory declined to 2.7.

According to the Toronto Real Estate Board, the number of properties sold in Oakville for July was 318.

Greater Toronto Area REALTORS® reported 8,595 sales through TREB’s MLS® System in July 2019. This result was up by 24.3 per cent compared to July 2018. On a month-over-month basis, sales were up by 5.1 per cent, after preliminary seasonal adjustment – stated TREB new president.

July 2019 Oakville Real Estate Update shows the GTA’s average home price increased to $806,725  or 3.2% increase from July 2018.

Year to date Statistics

  1. Homes sold: 1,930
  2. Median price: $900,000
  3. New Listings: 4,051
  4. Sold price vs list price: 97%
  5. Days on Market: 29

The number of new listings was 503 with a total number of 826 active listings. There was 2.6 months of inventory which is a steep decline from the typical 3.5. Properties sold for 97% of list, and typically sold in 33 days.

Unit Sales per type:

  1. Detached: 177
  2. Semi-Detached: 12
  3. Condo-Townhouses: 33
  4. Condo-Apartments: 41
  5. Link: 1
  6. Attached/Row/Townhouse: 54

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July’s median sales price according to type:

  1. Detached: $1,250,000
  2. Semi-Detached: $790,950
  3. Condo Townhouse: $565,000
  4. Condo Apartment: $460,000
  5. Link: $791,000
  6. Attached/Row/Townhouse: $780,000

Average days to sell in July:

  1. Detached home: 37
  2. Semi-detached: 22
  3. Condo-townhouse: 24
  4. Condo-apartment: 35
  5. Link: 10
  6. Attached/Row/Townhouse: 30

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

Year over year the price of a detached home increased by 2.07%, semi-detached by -0.78%, townhouse by 2.53% and an apartment 7.93%. Every category is positive with the exception of semi-detached, which is the first time for the past several months. The increase in apartment prices is very strong.

Oakville’s resident real estate market remains extremely healthy. The prices are on point. Buyers have time to consider their purchases. There was a great deal of discussion that the new home stress test was going to curtail the market. It hasn’t.

July 2018 Oakville Real Estate Update

Source:
Toronto Real Estate Board (TREB)

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