Incredible Oakville Market Keeps On Shining
The average price of an Oakville resale home sold through the Oakville-Milton MLS® system in November was $1,217,388 – up by an incredible 47.3% versus the $826,686 average price of November 2015. This established yet another new all-time record high for the Oakville resale market, blasting past by the previous record high of $1,133,495 which was set just last month. The median price in November was $1,068,925 – up by 38.5% versus the November 2015 median price of $772,000. This marked the first time that the median Oakville price has also eclipsed the $1 million mark.
Also of interest is the fact that an amazing 74.0% (or virtually 3 out of 4) of all detached homes sold in November exceeded the $1 million barrier. On a year-to-date basis (January thru November), the average price of an Oakville home (all property types) now stands at $1,064,358 – up by a jaw-dropping 26.9% versus last year. This represents an increase in home equity of just under $226,000 for the average Oakville homeowner over the past twelve months alone.
The Oakville resale market recorded 219 sales in November, up by 11.2% versus the 197 units sold in November 2015. Year-to-date (January thru November) sales remain up versus last year by a solid 8.4% (3,226 units versus 2,975 units last year) despite an ongoing severe inventory shortage throughout 2016. Resale volume had been cooling off in the June thru September timeframe following a strong February thru May period.
The October and November bounce-back in sales likely indicates that a growing number of sellers are being lured into the market by the prospect of banking record high prices. At this point, it does not appear that the tighter lending requirements introduced in October by the federal government for all high-ratio borrowers has affected first-time buyer sales. However, this is something that needs to be monitored closely going forward. Finally, the seller’s market continues to be borne out by a rapidly plunging days on market statistic. Days on market in November came in at 20 as compared to 26 days in November 2015.
Related: Monthly Neighbourhood Market Reports
Oakville Transactions - NOV 2016
|Neighbourhood||Total Transactions||Avg Sales Price ($)||Avg Days on Market|
|West Oak Trails||17||$947,158||12|