June 2018 Oakville Real Estate Update

June 2018 Oakville Real Estate Update
June 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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June 2018 Oakville Real Estate Update information shows a market in which the number of sales are rising, a first in several years. Year over year, the sale price of an Oakville home has decreased anywhere from 7.21% to 3.78%. Condo prices are the exception. Prices for condos have increased by 6.76%. Though current values are below their 2017 high, they are starting to increase. The increase is eroding the decrease month over month.

“After some adjustment to the Fair Housing Plan, the new Office of The Superintendent of Financial Institutions (OSFI) stress test requirement and generally higher borrowing costs, home buyers are starting to move back into the market, with sales trending up from last year’s lows,” stated Mr. Garry Bhaura the new president of the Toronto Real Estate Board.

In June 2018 a total of 298 residential sales were recorded. The number of new listings was 646, with a total number of 1060 active listings. There was 3.5 months of inventory which is consistent with May 2018.

April 2018 Oakville Real Estate Update

“As we move into the end of Q2 2018 and beyond, we expect to see a more “normal” market versus Q1 and Q2 of 2017,” commented OMDREB President Rick Kedzior. “The June stats reflect this, with moderate increases in Oakville compared to June 2017.”

June 2018 Oakville Real Estate Update shows the GTA’s average home price was $807,871 (TREB).  The Oakville Milton District Real Estate Board (OMDREB) shows the median sale price for a home in Oakville is $887,700.

In June 2018, an average Oakville property took 26 days to sell, and it sold at 97% of the last listed price.

Median sales price according to type:

  1. Detached: $1,180,000
  2. Semi-Detached: $715,000
  3. Condo Townhouse: $536,750
  4. Condo Apartment: $447,500
  5. Attached/Row/Townhouse: $768,750

In June the average days to sell a detached home was 28, semi-detached: 24, condo-townhouse: 28, condo-apartment: 29, and Attached/Row/Townhouse: 25.

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

Year over year prices for detached homes have decreased 6.75%, attached decreased 7.21%, townhouses decreased 3.78%, and apartments increased 6.76%. However, the trend of prices is starting to increase from May 2018. Apartment values continue to be above 2017.

June 2018 Oakville Real Estate Update shows prices are rising. Property values have not reached the prices we saw in 2017, but the gap is closing. The number of properties sold in comparison to the same month last year is increasing. This stability is positive for both sellers and buyers.

Sources:

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

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