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November 2019 Oakville Real Estate Update

November 2019 Oakville Real Estate Update
November 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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How much is a typical detached house going to cost you in Oakville? The answer is about $1,074,550 according to the November 2019 Oakville Real Estate Update. There isn’t a great deal out there at that price point, and it isn’t a new build with high ceilings.

On December 6, 2019 the least expensive detached house in Oakville is in College Park. It is a partially renovated bungalow with 3 bedrooms that was built in 1972.  The listed price is $770,000.00.

If you want to get a new build with all the bells and whistles such as high ceilings, designer kitchen and stunning master suite, you should be prepared to pay at least $1,750,000.

According to the Toronto Real Estate Board, the number of properties sold in Oakville for November was 240.

“Strong population growth in the GTA coupled with declining negotiated mortgage rates resulted in sales accounting for a greater share of listings in November and throughout the second half of 2019. Increased competition between buyers has resulted in an acceleration in price growth. Expect the rate of price growth to increase further if we see no relief on the listings supply front,” said Jason Mercer, TREB’s Chief Market Analyst.

Greater Toronto Area REALTORS® reported 7,090 sales through TREB’s MLS® System in November 2019. This result was up by a 14.24 per cent compared to November 2018. The GTA’s average home price increased to $843,637  or 7.14 per cent increase from October 2018.

November 2019 Oakville Real Estate Statistics

Year to date

  • Homes sold: 2,931
  • Median price: $905,000
  • New Listings: 5,840
  • Sold price vs list price: 97%
  • Days on Market: 29

The number of new listings was 335 with a total number of 592 active listings. There was 3 months of inventory which is a decrease from October, but expected as new listings for the Fall start to drop and properties are not re-listed. Properties sold for 97% of the last listed price, and typically sold in 29 days.

Unit Sales per type:

  • Detached: 136
  • Semi-Detached: 8
  • Condo-Townhouses: 26
  • Condo-Apartments: 32
  • Attached/Row/Townhouse: 35

Median sales price according to type:

  • Detached: $1,174,550
  • Semi-Detached: $792,000
  • Condo Townhouse: $592,500
  • Condo Apartment: $537,000
  • Attached/Row/Townhouse: $799,000

Average days to sell a home

  • Detached home: 34
  • Semi-detached: 29
  • Condo-townhouse: 20
  • Condo-apartment: 23
  • Attached/Row/Townhouse: 24

Detached homes sold for 96% of the list price, semi-detached: 100%, condo-townhouse: 99%, apartment: 100%, and townhouse: 98%.

Oakville year-over-year statistics

  • Detached home price increased by 6.75%
  • Semi-detached prices increased by 5.40%
  • Townhouse prices increased by 11.52%
  • Apartment increased by 1.82%

Halton’s year-over-year statistics

  • Detached home costs $1,025,700 up 10.14%
  • Semi-detached home costs $733,200 up 9.06%
  • Town home costs $577,500 up 13.04%
  • Apartment costs $475,300 up 2.92%

November Oakville’s resident real estate market has strengthened. Prices steadily increased and the days on market and inventory decreased.

November 2018 Oakville Real Estate Update

Source:
Toronto Real Estate Board (TREB)

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