July 2018 Oakville Real Estate Update stats infers that property values are now increasing. July is traditionally a slower sales month, because Oakville is a family orientated community. June marks the end of the stronger spring season. Why? Parents want to be in their homes before the start of the school year.
"Home sales result in substantial spin-off benefits to the economy, so the positive results over the last two months are encouraging. However, no one will argue that housing supply remains an issue," stated Mr. Garry Bhaura the new president of the Toronto Real Estate Board.
In July 2018 a total of 286 residential sales were recorded. The number of new listings was 504, with a total number of 907 active listings. There was 3.5 months of inventory which is consistent with June 2018.
June 2018 Oakville Real Estate Update
“We have certainly experienced an increase in demand for ownership housing so far this summer. It appears that some people who initially moved to the sidelines due to the psychological impact of the Fair Housing Plan and changes to mortgage lending guidelines have re-entered the market," said Jason Mercer, TREB’s Director of Market Analysis.
July 2018 Oakville Real Estate Update shows the GTA's average home price rose by 4.8% (TREB). The Oakville Milton District Real Estate Board (OMDREB) shows a home's median sale price in Oakville is $945,000 which is slightly below June's figure of $955,000.
In July 2018, an average Oakville property took 30 days to sell, and it sold at 97% of the last listed price.
Median sales price according to type:
- Detached: $1,175,000
- Semi-Detached: $688,750
- Condo Townhouse: $500,000
- Condo Apartment: $415,000
- Attached/Row/Townhouse: $750,000
In July the average days to sell a detached home was 30, semi-detached: 26, condo-townhouse: 31, condo-apartment: 37, and Attached/Row/Townhouse: 29.
The list price vs sold price is tight. Detached homes sold for 96% of the list price, semi-detached: 99%, condo-townhouse: 98%, apartment: 97%, and townhouse: 98%.
In July year over year detached homes prices increased 1.25%, attached increased 3.69%, townhouses increase 1.53%, and apartments increased 4.62%. This is a significant change from last month's figures when every type of property's value decreased, with the exception of apartments. The apartment value increases have started to re-align.
Typically quieter, July marks the beginning of the summer season, so the increase in the number of properties sold should make sellers feel more comfortable. It also encourages buyers to purchase, because home prices are rebounding. July 2018 Oakville Real Estate Update reaffirms June's update when the market began its upward swing.
Sources:
Toronto Real Estate Board (TREB)