Oakville's residential real estate market update for November 2021 shows that buyers' lives are getting even tougher than just a month ago. Inventory is at record lows, days on sale reduced for every housing segment, and the percentage that other buyers are willing and able to pay or likely mortgage above the listing price continues to grow. Semi-detached homes in Oakville sold for 122 per cent above the asking price.
GTA Update
Across the GTA, owners sold 9,017 or 272 more properties in Nov 2021 than during Nov 2020, an 3.01 per cent increase. From 2020 to 2021, GTA property values increased by 21.6 per cent to $1.16 million, up $207,000 from Nov 2021.
"A key difference this year compared to last is how the condo segment continues to tighten and experience an acceleration in price growth, particularly in suburban areas. This speaks to the broadening of economic recovery, with first-time buyers moving back into the market in a big way this year. The condo and townhouse segments, with lower price points on average, will remain popular as population growth picks up over the next two years," said TRREB Chief Market Analyst Jason Mercer.
Oakville Update
During the last month, sellers in Oakville listed 313 properties and sold 314 properties, leaving just 0.8th of a month of inventory. The average residential property sold for $1.599 million, and a sale on average took 14 days which is two quicker than in Oct 2021.
Inventory remained low and, when combined with solid demand, resulted in multiple offers, which pushed the selling prices to 106 per cent of listed prices. This ongoing demand just created more multiple offer scenarios.
Year-over-year home prices
A typical residential property in Oakville is now going for $1.418 million, which has increased by 31.51 per cent since Nov 2020. An average detached home price is $1.715 million, an increase of 32.88 per cent.
An attached home is $1.26 million, up 36.56 per cent from a year ago, a townhouse will run you 26.88 per cent more at $921,800, and a condominium apartment costs $724,100 - up 20.56 percent since last November.
Statistics for Nov 2021 Oakville residential real estate
| Type | Units Sold | Median Price | % LP to SP | DOM |
|---|---|---|---|---|
| Detached | 160 | $1,768,500.00 | 105% | 11 |
| Semi-Detached | 10 | $1,253,000.00 | 122% | 4 |
| Link | 2 | $1,465,220.00 | 117% | 7 |
| Condo Apartement | 57 | $645,000.00 | 101% | 17 |
| Condo Town House | 29 | $780,000.00 | 111% | 7 |
| Freehold- Town House | 56 | $1,230,000.00 | 111% | 9 |
DOM - total days a property is for sale; % LP to SP - the percentage difference between the list price and the sold price.
Current Listings
As of Dec 5 on realtor.ca, the least expensive listed prices are for bachelor, one, two, three and four-bedroom properties in Oakville.
- $449,000 - bachelor apartment at 65 Speers Road in Kerr Village
- $475,000 - one-bedroom apartment at 2375 Central Park in Oak Park (Dundas & Trafalgar)
- $605,000 - two-bedroom apartment at 1300 Marlborough Court in College Park (Sheridan College)
- $499,000 - three-bedroom stacked townhouse at 1050 Falgarwood Drive in Falgarwood (Eighth Line)
- $599,000 - four-bedroom stacked townhouse at 1008 Falgarwood Drive in Falgarwood
These listing prices demonstrate that buyers are now pushing the prices up on less-expensive properties. Currently, apartments have gone up just over 20 per cent compared to the prices paid for detached homes, which have risen over 36 percent.
Will buyers now push apartment prices up another 16 per cent to match the increase of detached homes, translating to an apartment that currently sells from $500,000 to increase to $580,000?