October 2018 Oakville Real Estate Update

October 2018 Oakville Real Estate Update
October 2018 Oakville Real Estate Update
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Nolan A Machan

Nolan A Machan

Nolan Machan is the Publisher of OakvilleNews.Org and has over 41 years of local Oakville knowledge. He is committed to providing Oakville residents with the most up-to-date information about our great town.

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October 2018 Oakville Real Estate Update is not showing the promise that realtors hoped for the primary month of the Fall selling season. Comparing properties sold from October 2017 of 180 to October 2018 of 163, the decrease in unit sales is not affecting year over year prices, or the several days needed to make a sale.

“After 4 consecutive months of increased activity, October results were a disappointment”, states OMDREB President Rick Kedzior. “Dollar volume of sales in October were down about 8% with the number of sales also decreasing by 7% compared to October 2017”. The best description of 2018’s market would be “sporadic”.

The recorded number of resident sales for October 2018 was 256. The number of new listings was 554, with a total number of 852 active listings. There was 3.5 months of inventory. Properties are selling for 96% of list, and typically are sold in 31 days.

September 2018 Oakville Real Estate Update

October 2018 Oakville Real Estate Update shows the GTA’s average home price rose by 3.5% (TREB). The Oakville Milton District Real Estate Board (OMDREB) shows a home’s average sale price in Oakville increased by 2.4% to $1,124,532.

“The 2018 market, with its ups and downs, reminds me of a roller coaster,” claims Kedzior.

In October 2018, an average Oakville property took 31 days. Properties sold for 96% of the last listed price.

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Median sales price according to type:

  1. Detached: $1,180,000
  2. Semi-Detached: $763,500
  3. Condo Townhouse: $519,000
  4. Condo Apartment: $465,000
  5. Attached/Row/Townhouse: $775,000

Average days to sell in October:

  1. Detached home: 29
  2. Semi-detached: 20,
  3. Condo-townhouse: 33,
  4. Condo-apartment: 43,
  5. Attached/Row/Townhouse: 30

The list price vs sold price is tight. Detached homes sold for 96% of the list price, semi-detached: 97%, condo-townhouse: 98%, apartment: 97%, and townhouse: 97%.

In October year over year detached homes prices decreased -0.04%, attached increased 0.37%, townhouses increase 3.68%, and apartments increased 3.9%. Year over year, prices for detached and attached are starting to stabilize.

With an inflation rate in the GTA of 2.8 per cent, townhouse and apartments prices are still tracking above inflation. Unfortunately, that isn’t great for most sellers in Oakville, since the majority of properties sold are detached. Combining the inflation rate and the current price decrease, the total real decrease for a detached home is 2.84% in real dollars.

Sources:

Toronto Real Estate Board (TREB)
Oakville Milton District Real Estate Board (OMDREB)

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