October 2019 Oakville Real Estate Update

October 2019 Oakville Real Estate Update shows a strengthening market. Prices are increasing in every category, and days on market are starting to shrink as inventory diminishes.

According to the Toronto Real Estate Board, the number of properties sold in Oakville for October was 291.

"As market conditions in the GTA have steadily tightened throughout 2019, we have seen an acceleration in the annual rate of price growth," remarked Jason Mercer, TREB's Chief Market Analyst

Greater Toronto Area REALTORS® reported 8,491 sales through TREB’s MLS® System in September 2019. This result was up by a 14 per cent compared to August 2018. The GTA's average home price increased to $852,142  or 5.52% increase from October 2018.

October 2019 Oakville Real Estate Statistics

Year to date

1. Homes sold: 2,691
2. Median price: $900,000
3. New Listings: 5,505
4. Sold price vs list price: 97%
5. Days on Market: 29

The number of new listings was 462 with a total number of 721 active listings. There was 3.1 months of inventory which is a decrease from September, but expected as new listings for the Fall start to drop and properties are not re-listed. Properties sold for 97% of the last listed price, and typically sold in 28 days.

Unit Sales per type:

1. Detached: 162
2. Semi-Detached: 10
3. Condo-Townhouses: 29
4. Condo-Apartments: 48
5. Attached/Row/Townhouse: 42

Median sales price according to type:

1. Detached: $1,232,500
2. Semi-Detached: $724,000
3. Condo Townhouse: $545,000
4. Condo Apartment: $477,500
5. Attached/Row/Townhouse: $805,500

Average days to sell

1. Detached home: 32
2. Semi-detached: 10
3. Condo-townhouse: 15
4. Condo-apartment: 26
5. Attached/Row/Townhouse: 25

Detached homes sold for 96% of the list price, semi-detached: 100%, condo-townhouse: 99%, apartment: 98%, and townhouse: 98%.

Oakville year-over-year statistics

1. Detached home price increased by 7.94%,
2. Semi-detached prices increased by 5.80%,
3. Townhouse prices increased by 7.03%
4. Apartment increased by 5.40%

Halton's year-over-year statistics

1. Detached home costs $1,024,600 up 9.85%
2. Semi-detached home costs $727,300 up 8.10%
3. Town home costs $574,600 up 9.80%
4. Apartment costs $474,700 up 6.11%

October 2019 saw the strongest annual rate of growth since December 2017

During October Oakville's resident real estate market has strengthened. Prices steadily increased and the days on market and inventory decreased.

October 2018 Oakville Real Estate Update

Source:

Toronto Real Estate Board (TREB)