The beginning of June has marked yet another strong month of real estate sales in Oakville and surrounding areas. The GTA has experienced steady growth from the start of the year, all the way into June. It isn’t expected to stop for the remainder of the Summer. As the Summer real estate market is beginning to get under way, home owners are throwing up for sale signs to try and get in on the action.
The total number of detached homes sold, have increased by 7.7% from April to May. The total number of Semi/ Link and Townhomes sold for the month of May are up 10.6% month over month, while overall inventory sold of Condos has also seen significant growth with an increase of 34% when compared to April’s figures.
With total number of units sold per month increasing by 2.9% the average sale price has dropped from $872,469 for the month of April to $846,187 in May. The 3% decrease in average sale price can be accredited to the 10.6% increase in Semi/ Link and Townhomes sold during the month of May and the 34% increase in Condos sold during the same month.
A large majority segment, 63% of Semi/ Link and Townhomes sold were in the $400,000-$600,000 range while the majority of Condos sold, 31.37% were in the $300,000-$400,000 market segment. With such a high number of mid to low market sales for the month of May, the average sale price has adjusted to represent increased activity in the lower priced markets.
“Tight market conditions, especially for singles, semis and town homes in the GTA, have resulted in strong price growth regardless of the price metric being considered. With no relief so far on the listings front, expect similar rates of price growth as we move through the remainder of 2015. At this point, a number of months where listings growth outstrips sales growth would be required to satisfy pent-up demand,”- Jason Mercer, TREB’s Director of Market Analysis.
The important number to focus on is the median sale price as it is a better reflection of the current prices of homes in Oakville. Oakville has a large variety of luxury homes that a few expensive homes sold in a month can greatly increase in the average sale price skewing the average while the real estate market as a whole could be better represented by the middle or median sale price. The median increased month over month from $760,000 in April to $766,000 in May. A total increase of 0.07%.
The market continues to stay strong and marginal increases in sale price and inventory sold, indicates the continuing growth of the Oakville real estate market. In order to better understand how these figures affect you and your life, contact your local, trusted Realtor in order to grow fruitful investments in real estate.