The August 2020 Oakville Real Estate statistics indicate that this sellers' market is not slowing down. With lower borrowing costs and ever shrinking inventory, buyers are forced into bidding wars, resulting in prices increasing by over 10% since last year.
On September 8, 2020 the least expensive residential properties in Oakville, Ontario on Realtor.ca are:
- Condo - 20 Speers - 2 Bed - $349K
- Townhouse - 2563 Sixth Line - 2 Bed - $588K
- Semi-detached- 16 Normandy - 3 Bed - $680K
- Detached - 47 Nadia Place - 3+2 Bed - $799K
According to the Toronto Real Estate Board, the number of properties sold in Oakville for August was 407.
Greater Toronto Area REALTORS® reported 10,775 sales through TREB’s MLS® System in August 2020. This result was up by a 40.3 per cent compared to August 2019. The GTA's average home price increased to $951,404 or 20.1 per cent increase from August 2019.
“Increased demand for ownership housing has been based on improving economic conditions, in terms of monthly GDP growth and job creation, and the continuation of very low borrowing costs. In addition, fewer households have chosen to go on vacation as a result of COVID-19 and instead have remained in the GTA and been active in the housing market, satisfying pent-up demand from the spring,” said Ms. Patel.
July 2020 Oakville Real Estate Statistics
Year to date statistics
- Units Sold: 2,120
- Medium Sales Price: $1,031,500
- Sold vs list price: 98%
- Days to sell: 32
The number of new listings was 586 with a total number of 647 active listings. There was 2.2 months of inventory which is a decrease from July. Properties sold for 99% of the last listed price, and typically sold in 31 days.
Unit Sales per type:
- Detached: 241
- Semi-Detached: 16
- Attached/Row/Townhouse (freehold): 66
- Condo-Townhouses: 37
- Condo-Apartments: 44
- Link: 3
Median sales price according to type:
- Detached: $1,340,000
- Semi-Detached: $902,250
- Attached/Row/Townhouse (freehold): $881,000
- Condo Townhouse: $635,000
- Condo Apartment: $542,500
- Link: $910,000
Average days to sell a home
TREB is using a new calculation method. If the property was listed before, those days are now included.
- Detached home: 25
- Semi-detached: 9
- Attached/Row/Townhouse (freehold): 14
- Condo-townhouse: 18
- Condo-apartment: 27
- Link: 2
Detached homes sold for 98% of the list price, semi-detached: 101%, freehold townhouse: 101%, condo-townhouse: 100%, apartment: 98%, and link: 110%.
Oakville year-over-year statistics
- Detached home price increased by 10.7%
- Semi-detached prices increased by 11.92%
- Townhouse prices increased by 14.94%
- Apartment increased by 10.35%
If you are looking to sell your home and don't need to purchase something else it appears you are about to hit the jackpot. As more buyers keep entering the market and the inventory of available properties dwindles, residential real estate prices in Oakville continue to escalate well above inflation.
July 2020 Oakville Real Estate Update
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