The August 2017 Oakville Real Estate Update indicates that prices are rising, but the number of properties sold has continued to sharply declined, according to the Oakville Milton District Real Estate Board (OMDREB). OMDREB released its monthly update in early September 2017.
The number of all property sold in August 2017 decreased by 37 percent compared to the same period in 2016. Monthly property sales totalled 150 compared to 243 in August 2016. The decline is just slightly higher then the numbers released by the Toronto Real Estate Board (TREB), which indicated that there were 3,391 fewer properties sold.
July 2017 Oakville Real Estate Update post
“The relationship between sales and listings in the marketplace today suggests a balanced market. If current conditions are sustained over the coming months, we would expect to see year-over-year price growth normalize slightly above the rate of inflation. However, if some buyers move from the sidelines back into the marketplace, as TREB consumer research suggests may happen, an acceleration in price growth could result if listings remain at current levels,” said Jason Mercer, TREB’s Director of Market Analysis regarding the August 2017 numbers.
The average sold price of an Oakville property increased to $1,147,983 in July 2017 from July 2016's $1,084,250. In comparison to the GTA, Oakville's overall average sale price is $415,000 higher, which makes Oakville one of the more expensive communities to reside. Oakville's median price rose by 20 percent since August 2016.
Single detached homes made up the majority of sales in August 2017, and accounted for 69 percent of total sales. The average price of a detached home last month was $1,314,343.00 and were on the market for 31 days. This was followed by condo apartments and town homes at 28 percent. The average price for a condo town home was $750,711, a free hold town home is about $4,000 more, and a condo apartment $540,089.
According to Toronto Real Estate Board's Market Watch, homes in Oakville are taking about 15 days to sell. The total number of properties sold are 2445, and there were 4,788 new listings in town.
The August 2017 Oakville Real Estate Update is indicating that sellers are going to be waiting a little longer to sell their homes, but they are not willing to absorb price reductions. For buyers, they will be able to send the time to prepare offers that include such fundamentals as home inspections.