January 2021 real estate update for Oakville shows that for every type of residential property the values have all gone up, with the price of an average detached house climbing by 19.4% over the past year. Oakville residential real estate is experiencing a very strong sellers' market with almost every type of property selling above list with the exception of condominium apartments which realized sale prices just below the listed price. This is due in part to inventory being particularly tight with just 1.7 months of inventory available.
Residential sales across the GTA saw staggering increases in both the volume of properties sold and the increase in value. There were 52.3% more properties sold during January 2021 than during January 2020, and over same period property values increased by 15.4% to $967,717 for an average residential property.
Year-over-year home prices
A family property in Oakville is now going for $1,211,200 which increased by 16.42% since January 2020. The price of an average detached home is $1,449,100 an increase of 19.4%; an attached home is $970,900 up 18.79%, a town-house will run you 17.8% more at $770,600 and a condominium apartment costs $541,500 up 6.23%.
Statistics for January 2021 Oakville residential real estate
| Type | Units Sold | Medium Price | % LP to SP | DOM |
|---|---|---|---|---|
| Detached | 144 | $1,560,000.00 | 101% | 21 |
| Semi-Detached | 4 | $1,186,500.00 | 125% | 3 |
| Link | 1 | $1,295,000.00 | 100% | 3 |
| Condo Apartment | 38 | $532,500.00 | 98% | 34 |
| Condo Town House | 28 | $692,500.00 | 103% | 27 |
| Freehold- Town House | 48 | $993,500.00 | 105% | 17 |
DOM - total days a property is for sale, % LP to SP - percentage difference between the list price and the sold price.
Current Listings
As of Feb 9 the least expensive properties in Oakville, Ontario on Realtor.ca are:
- $399,900 for a one bedroom apartment at 212 Kerr Street in Kerr Village
- $515,000 for a four bedroom stacked town house at 1036 Falgarwood Drive
- $800,000 for a 3 plus 1 bedroom detached home at 128 Forest Hill Drive
In summary, there will be a limit on how much buyers are going to pay for a home. However, on going double digit property value increases is not sustainable.