The Oakville, Milton and District Real Estate Board has released the first official outlook of the 2015 local real estate market. Stats look favourable for those wanting to sell in Oakville.
When compared to January 2014, this year’s median sale price has increased by $44,900 and the average sale price has experienced growth of 28.5%. Not only have the prices increased when compared to last year’s market stats, the inventory has increased as well. The number of detached homes sold increased by 39% while semi, Link, Town-home, Condo and Apartments experienced marginal increases when compared to last January's numbers. Thirty-seven percent of detached homes sold last month were in the $600,001-$800,000 price range, a decrease of 5.8% when compared to last January's detached home sales. The reason for this change is the sharp rise in the number of sales in the $800,001-$1,000,000 price range.
As prices increase, homes values change and the market segments start to shift to reflect that change. The median sale price increased by $45,000 when comparing January '14 to January '15. The increase proves that our middle range home values are steadily increasing, so that they become part of a higher market segment. The $400,001-$600,000 segment has decreased by .02%, the $600,001-$800,000 has decreased by %5.8 , while the $800,001-$1,000,000 has increased greatly by 10.4%.
Oakville’s homes are increasing in value. The increase supports the claim that the climate is right to sell your home and benefit from the recent hike in prices. Also we are observing that Oakville’s market supports efforts to increase property values. Home owners in a lower market segment who have invested in their homes are now realizing a return on their improvements. Sometimes those investments have added no value, but in this healthy real estate market improvements are adding value. No matter what type of improvement was made a medium grade house in Oakville has gained value. It has resulted in a large number of medium grade homes joining the higher market segment.
It has been a great start to 2015. Make sure to consult your local real estate expert to be sure that you are doing everything possible to sell your home at the highest possible price, and you too may enjoy growing fruitful investments in real estate.