January 2018 Oakville Real Estate Update marks the beginning of a new year. It provides an opportunity to look forward.
"It is likely that market conditions will support a return to positive price growth for many home types in the second half of 2018. The condominium apartment segment will be the driver of this price growth,” said Jason Mercer, Toronto Real Estate Board's Director of Market Analysis.
In January 2018, a total of 153 residential sales were recorded . The number of new listings was 418, and total number of active listings was 631. 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.
December 2017 Oakville Real Estate Update
“TREB released its outlook for 2018 on January 30th. The outlook pointed to a slower start to 2018, especially compared to the record-setting pace experienced a year ago. As we move through the year, expect the pace of home sales to pick up, as the psychological impact of the Fair Housing Plan starts to wane and home buyers find their footing relative to the new OSFI mandated stress test for mortgage approvals through federally regulated lenders,” said Mr. Syrianos.
January 2018 Oakville Real Estate Update shows the GTA's average home price was $736,783 (TREB). The Oakville Milton District Real Estate Board (OMDREB) shows the average price of a home in Oakville was $1,070,117. The median sale price of a home in Oakville is $858,000.
An average Oakville property is taking 38 days to sell. The property is selling at 96% of the last listed price.
The median sale price is calculated on 50% of the units sold, which excludes properties that sell substantially higher or lower. For an example if a $30,000,000 home sells in Oakville, which is a distinct possibility, that sale would be removed from the median sale price. Its value skews a higher average price.
Median sales price according to type:
- Detached: $1,188,000
- Semi-Detached: $725,000
- Condo Townhouse: $510,000
- Condo Apartment: $417,00
- Attached/Row/Townhouse: $720,000
Sales according to property type:
- Detached: 50%
- Semi/Link/Townhouse: 18%
- Condo Apartment/Townhouse: 30%
- Other: 2%
The average number of days to sell a detached home was 34, semi-detached: 39, condo-townhouse: 30, condo-apartment: 52, and Attached/Row/Townhouse: 39.
Listing prices vs sales prices were extremely close. A detached home sold for 96% of the listing price, semi-detached: 96%, condo-townhouse: 98%, apartment: 98%, and townhouse: 96%.
January 2018 Oakville Real Estate Update gives a just a glimpse into the coming year. Prices are stable in most areas; however, double digit increases for apartments and town houses is interesting. Does this indicate that entry level buyers are purchasing? Possibly.
Sources:
- Toronto Real Estate Board (TREB)
- Oakville Milton District Real Estate Board (OMDREB)