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July 2020 Oakville Real Estate Update

Oakville News N.M.
Oakville News N.M.

The July 2020 Oakville Real Estate statistics indicate that the COVID-19 Pandemic is pushing up both sale prices and unit sales to levels not seen in several years. This is the first month that the medium price of a home in Oakville, Ontario has ever surpassed $1 million.

On July 24th the return of the traditional open house occurred even though the Oakville Milton Real Estate Board (OMDREB) continues to encourage virtual selling. OMDREB has not enabled the open house feature on Realtor.ca.

On August 10, 2020 the least expensive residential properties in Oakville, Ontario on TREB-Home are:

  • Condo - 55 Speers - Bachelor - $369.9K
  • Townhouse - 3425 Greenwich - 2 Bed - $699K
  • Semi-detached- 25 Normandy - 2 Bed - $829K
  • Detached - 197 Glen Oak - 3 Bed - $899K

According to the Toronto Real Estate Board, the number of properties sold in Oakville for July was 387.

Greater Toronto Area REALTORS® reported 11,081 sales through TREB’s MLS® System in July 2020. This result was up by a 29.5 per cent compared to July 2019. The GTA's average home price increased to $943,710  or 16.9 per cent increase from July 2019.

“Sales activity was extremely strong for the first full month of summer. Normally we would see sales dip in July relative to June as more households take vacation, especially with children out of school. This year, however, was different with pent-up demand from the COVID-19-related lull in April and May being satisfied in the summer, as economic recovery takes firmer hold, including the Stage 3 re-opening," stated TREB President Lisa Patel.

July 2020 Oakville Real Estate Statistics

Year to date statistics

  • Units Sold: 1,714
  • Medium Sales Price: $1,006,250 (first time)
  • Sold vs list price: 98%
  • Days to sell: 33

The number of new listings was 615 with a total number of 645 active listings. There was 2.4 months of inventory which is a decrease from June. Properties sold for 98% of the last listed price, and typically sold in 36 days.

Unit Sales per type:

  • Detached: 232
  • Semi-Detached: 13
  • Attached/Row/Townhouse (freehold): 67
  • Condo-Townhouses: 30
  • Condo-Apartments: 44
  • Link: 1

Median sales price according to type:

  • Detached: $1,342,500
  • Semi-Detached: $867,000
  • Attached/Row/Townhouse (freehold): $885,000
  • Condo Townhouse: $626,000
  • Condo Apartment: $523,500
  • Link: $845,000

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: 27
  • Semi-detached: 11
  • Attached/Row/Townhouse (freehold): 15
  • Condo-townhouse: 16
  • Condo-apartment: 23
  • Link: 4

Detached homes sold for 97% of the list price, semi-detached: 101%, freehold townhouse: 100%, condo-townhouse: 99%, apartment: 101%, and link: 106%.

Oakville year-over-year statistics

Detached home price increased by 10.66%

  • Semi-detached prices increased by 11.68%
  • Townhouse prices increased by 13.88%
  • Apartment increased by 9.94%

The partial return of the bidding wars for residential real estate has returned to Oakville, Ontario as the number of homes for sale continues to contract. Since last year, prices for most properties have risen by double digits. It appears one of the few positive bright spots during the coronavirus pandemic is residential real estate.

June 2020 Oakville Real Estate Update

Source:

Toronto Real Estate Board (TREB)