February 2018 Oakville Real Estate Update demonstrates that the re-sale market is stable. Something to keep in mind, the reports by the Real Estate Boards don't take into account the sales of new properties. Adding in the number of new properties coming on to the market is possibly why prices of resale homes are not sky rocketing.
“When TREB released its Outlook for 2018, the forecast anticipated a slow start to the year compared to the historically high sales count reported in the winter and early spring of 2017. Prospective home buyers are still coming to terms with the psychological impact of the Fair Housing Plan, and some have also had to reevaluate their plans due to the new OFSI-mandated mortgage stress test guidelines and generally higher borrowing costs,” said Mr. Syrianos.
In February 2018, a total of 155 residential sales were recorded . The number of new listings was 518, with a total number of active listings of 731. Therefore, there was 4 months of inventory. January is traditionally a slower sales month. Inventory starts to increase, as sellers prepare for the early spring market.
January 2018 Oakville Real Estate Update
“As we move further into the spring and summer months, growth in sales and selling prices is expected to pick up relative to last year. Expect stronger price growth to continue in the comparatively more affordable townhouse and condominium apartment segments. This being
said, listings supply will likely remain below average in many neighbourhoods in the GTA, which, over the long-term, could further hamper affordability,” said Jason Mercer, TREB’s Director of Market Analysis.
February 2018 Oakville Real Estate Update shows the GTA's average home price was $767,818 (TREB). The Oakville Milton District Real Estate Board (OMDREB) shows the median sale price of a home in Oakville is $1,250,000.
An average Oakville property is taking 29 days to sell. Property sold at 97% of the last listed price.
Median sales price according to type:
- Detached: $1,225,000
- Semi-Detached: $708,000
- Condo Townhouse: $510,000
- Condo Apartment: $436,000
- Attached/Row/Townhouse: $758,800
Sales according to property type:
- Detached: 59%
- Semi/Link/Townhouse: 15%
- Condo Apartment/Townhouse: 22%
- Other: 4%
The average number of days to sell a detached home was 29, semi-detached: 19, condo-townhouse: 30, condo-apartment: 32, and Attached/Row/Townhouse: 27.
Listing prices vs sales prices were extremely close. A detached home sold for 96% of the listing price, semi-detached: 99%, condo-townhouse: 98%, apartment: 98%, and townhouse: 98%.
February 2018 Oakville Real Estate Update is showing a balance market. Home prices are not skyrocketing even though the inventory is low. There appears to be enough listings to satisfy the resale market.
Sources:
- Toronto Real Estate Board (TREB)
- Oakville Milton District Real Estate Board (OMDREB)