The average price of an Oakville resale home sold through the Oakville-Milton MLS® system in February was $863,748 – up by a whopping 13.9% versus the $758,435 average price posted in February 2014. In fact, the February average price established a brand new all-time high price for Oakville, marginally eclipsing the previous record high of $860,813 which was set last October. Prices continue to be supported by a weak supply and by historically low interest rates, with the result that if buyers are able to find a home that meets their requirements, they are better than ever able to afford it. Days on market, which also provides an indication of the relationship of supply versus demand, declined to just 22 days from the 25 days of last February.
The Oakville resale home market recorded 178 sales in January – down markedly by 20.9% versus the 225 homes sold in February 2014. Volume continues to be constrained by supply shortages which are severely limiting options for would-be purchasers and resulting in many of them to remain on the sidelines. Just two months into the new year, volume is so far lagging last year by a substantial 9.2%. Supply shortages have been a persistent issue for the past several months and, while helping to push prices higher, they are wreaking havoc from a volume perspective. In order for volumes to show a definite recovery trend, the number of active listings in the marketplace needs to improve substantially.