March 2018 Oakville Real Estate Update information was released by the Toronto Real Estate Board and the Oakville Milton District Real Estate Board. Residential real estate prices in Oakville remain solid with a minor decrease of 1.83% for a detached home; however, apartment prices are soaring by 8.76% . There is a great deal of negative rhetoric about what is happening. The facts provide the true story.
“TREB stated in its recent Market Outlook report that Q1 sales would be down from the record pace set in Q1 2017,” said Mr. Syrianos. “The effects of the Fair Housing Plan, the new OSFI mandatedstress test and generally higher borrowing costs have prompted some buyers to put their purchasing decision on hold. Home sales are expected to be up relative to 2017 in the
second half of this year.”
In March 2018 a total of 281 residential sales were recorded. The number of new listings was 665, with a total number of active listings of 886. There was 3.2 months of inventory. February is when sellers start to prepare their homes for the market. In March inventory starts to steadily increase. The increase will usually continue for at least 2 months.
February 2018 Oakville Real Estate Update
“Right now, when we are comparing home prices, we are comparing two starkly different periods of time: last year, when we had less than a month of inventory versus this year with inventory levels ranging between two and three months. It makes sense that we haven’t seen prices climb back to last year’s peak. However, in the second half of the year, expect to see the annual rate of price growth improve compared to Q1, as sales increase relative to the below-average level of listings,” said Jason Mercer, TREB’s Director of Market Analysis.
March 2018 Oakville Real Estate Update shows the GTA's average home price was $784,558 (TREB). The Oakville Milton District Real Estate Board (OMDREB) shows the median sale price of a home in Oakville is $1,010,000.
An average Oakville property is taking 22 days to sell which is showing an increase in demand. Properties sold at 97% of the last listed price.
Median sales price according to type:
- Detached: $1,115,000
- Semi-Detached: $701,100
- Condo Townhouse: $540,000
- Condo Apartment: $395,000
- Attached/Row/Townhouse: $792,800
The average number of days to sell a detached home was 22, semi-detached: 6, condo-townhouse: 21, condo-apartment: 18, and Attached/Row/Townhouse: 27. From February numbers the number of days a property is on the marketing is decreasing
Listing prices vs sales prices were extremely close. Detached homes sold for 97% of the list price, semi-detached: 99%, condo-townhouse: 99%, apartment: 99%, and townhouse: 98%. Sellers are pricing their homes to sell.
From last year, prices for detached homes have decreased 1.83%, attached decreased 1.16%, townhomes increased 3.93%, and apartments increased 8.76%. Larger properties are seeing a minor decrease. The smaller properties are experiencing a strong increase.
March 2018 Oakville Real Estate Update is balanced. There is a minor correction for larger properties, so keep that in mind when you are listing your property. If you plan to buy a smaller property, you are going to be paying significantly more then last year.
Sources:
- Toronto Real Estate Board (TREB)
- Oakville Milton District Real Estate Board (OMDREB)