September 2017 Oakville Real Estate Update continues to show a deep decline in sales; however, Oakville property prices are increasing faster than in the GTA.
A total of 153 residential sales were recorded in September 2017 vs 269 in September 2016. Average prices rose from $1,147,983 in August 2017 to $1,215,234. From September 2016 the average price of an Oakville property increased by 9 percent.
August 2017 Oakville Real Estate Update
“We saw a trend of low supply this time last year,” said Dennis Horton, 2017 President of OMDREB. “We’re continuing to see more listings hit the market, so it’ll be interesting to see how October unfolds.”
The Toronto Real Estate Board is also reporting a decline in GTA sales, and showed an increase in GTA prices of 2.6 percent to $775,546 from September 2016 to September 2017. The total number of GTA sales in September 2017 was 6,379, a decline of 35.1 percent.
September 2017 Oakville Real Estate Update average sales price according to type:
- Detached: $1,393,860
- Semi-Detached: $746,380
- Condo Townhouse: $521,250
- Condo Apartment: $606,131
- Attached/Row/Townhouse: $834,767
Here is the year over year percentage price change for Oakville real estate:
- Detached: 12.89%
- Attached: 10.63%
- Townhouse: 15.68%
- Condo Apartment: 18.32%
"Consumer polling undertaken for TREB in the spring suggested that buying intentions over the next year remain strong. As we move through the fourth quarter we could see some buyers moving off the sidelines, taking advantage of a better-supplied marketplace," said Toronto Real Estate Board President Tim Syrianos.
Average days that it took to sell a detached home was 28, semi-detached: 17, condo-townhouse: 25, condo-apartment: 29, and Attached/Row/Townhouse: 29. With this increase in the number of days it takes to sell a property, there is also an increase in the number of properties that are becoming available. So, you may have noticed over the last few months a far larger number of open house signs.
September 2017 Oakville Real Estate Update is showing that buyers are having more time to make decisions, and sellers in Oakville are not willing to accept low-ball offers. It also means that Realtors have been changing how they are doing business, since the cost of selling a home due to marketing costs and time increases. This will translate into low ball selling commission diminishing.
Note: All figures are either from the Toronto Real Estate Board or the Oakville Milton District Real Estate Board.