May 2019 Oakville Real Estate Update show prices continue to increase with the exception of apartments. The number of unit sales remains strong. It is a good sign. The market is stable.
According to the Toronto Real Estate Board, the number of properties sold in Oakville for May was 370.
"After a sluggish start to 2019, the second quarter appears to be reflecting a positive shift in consumer sentiment toward ownership housing," said Mr. Bhaura the president of the Toronto Real Estate Board.
Year to date Statistics
- Homes sold: 1,307
- Median price: $880,000
- New Listings: 2,947
- Sold price vs list price: 97%
- Days on Market: 29
May 2018 Oakville Real Estate Update
The number of new listings was 742 with a total number of 975 active listings. There was 3.4 months of inventory which is above April's. Properties sold for 97% of list, and typically sold in 25 days.
Unit Sales per type:
- Detached: 185
- Semi-Detached: 12
- Condo-Townhouses: 35
- Condo-Apartments: 61
- Link: 5
- Attached/Row/Townhouse: 72
May 2019 Oakville Real Estate Update shows the GTA's average home price increased to $838,540 or 3.6% increase from May 2018.
Median sales price according to type:
- Detached: $1,189,000
- Semi-Detached: $815,500
- Condo Townhouse: $500,000
- Condo Apartment: $500,000
- Link: $875,000
- Attached/Row/Townhouse: $762,500
Average days to sell in May:
- Detached home: 26
- Semi-detached: 20
- Condo-townhouse: 27
- Condo-apartment: 27
- Link: 17
- Attached/Row/Townhouse: 22
Detached homes sold for 97% of the list price, semi-detached: 98%, condo-townhouse: 99%, apartment: 98%, link: 97% and townhouse: 99%.
Year over year the price of a detached home increased by 0.66%, semi-detached by 0.78%, townhouse by 5.31% and an apartment -3.44%. Every category is positive with the exception of apartments, which is the first time for the past several months. It is a significant decrease. Detached homes and semi's showed a slight decline when the rate of inflation was considered.
"Despite the constraints of the 'Stress Test' on Buyers getting mortgages and the foreign tax on international investors, many homes are selling at or near their asking prices - and in some cases above asking price," says OMDREB President Oliver Matas.
Thankfully, residential real estate prices are stable. Traditionally, home prices have increased at the same rate as inflation. We aren't seeing this yet. Keep your fingers crossed.
Sources:
Toronto Real Estate Board (TREB)