September 2018 Oakville Real Estate Update

September 2018 Oakville Real Estate Update
September 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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September 2018 Oakville Real Estate Update statistics infer that property values continue to increase as we enter the fall buying season. The value of residential properties for sale is steadily increasing with one exception detached homes. The properties that are experiencing a strong increase in value are at in the entry prices.

“The recent signing by Canada of the new free trade agreement, the USMCA, will boost the real estate market in the GTA and across the country by improving consumer confidence in the Economy”, claims OMDREB President Rick Kedzior. “I strongly believe that Buyers were sitting on the sidelines in anticipation. Our stats in September show moderate increases compared to 2017.

The recorded number of resident sales for August 2018 was 234. The number of new listings was 645, with a total number of 896 active listings. There was 3.5 months of inventory. Normally September listings increase for the fall buying season. Properties are selling for 97% of list, and typically are sold in 34 days.

August 2018 Oakville Real Estate Update

“Generally speaking, annual rates of price growth have been stronger for higher density home types in 2018, including condominium apartments, townhouses and semi-detached houses. In many neighbourhoods, these home types provide more affordable home ownership options,” said Jason Mercer, TREB’s Director of Market Analysis.

September 2018 Oakville Real Estate Update shows the GTA’s average home price rose by 3% (TREB). The Oakville Milton District Real Estate Board (OMDREB) shows a home’s average sale price in Oakville increased by 2.5% to $1,153,679.

“This is the 4th consecutive month that we have experienced increased activity over 2017. The concern now is inventory levels, and sellers should give serious consideration in listing homes before year end,” continued President Kedzior.

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In September 2018, an average Oakville property took 32 days to sell an 4 day drop. Properties sold for 97% of the last listed price.

Median sales price according to type:

  1. Detached: $1,233,500
  2. Semi-Detached: $866,500
  3. Condo Townhouse: $559,000
  4. Condo Apartment: $475,000
  5. Attached/Row/Townhouse: $735,000

Average days to sell in September:

  1. Detached home: 33
  2. Semi-detached: 39,
  3. Condo-townhouse: 31,
  4. Condo-apartment: 42,
  5. Attached/Row/Townhouse: 33

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

In September year over year detached homes prices decreased -3.13%, attached increased 0.25%, townhouses increase 4.58%, and apartments increased 8.35%. Detached homes decline is noticeable for the first time in a few months; however, townhouses and apartments prices are sky-rocketing.

 

Sources:

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

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