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19

Oakville Market Showing Signs of Moderation

  • Oakville Market Showing Signs of Moderation

Oakville Market Showing Signs of Moderation

The average price of an Oakville resale home sold through the Oakville-Milton MLS® system in April was $1,268,198 – up by a whopping 22.2% versus the $1,038,056 average price of April 2016. While still displaying outstanding growth, this price marks the second consecutive month where prices have actually declined versus the all-time record of $1,428,664 which was set in February.

The fact that the sensational price increases versus year ago have started to wane somewhat is likely a function of the pause in demand noted above and strong indications of strengthening inventory. Savvy sellers may want to take advantage of prevalent market conditions before these new impacts take full effect in the months ahead. April days on market of 11 (down by 8 days from last year’s 19 days) reveals that the market is still buoyant among buyers whose psychology has not yet changed.

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The Oakville resale home market recorded 325 sales in April – down by 22.8% versus the 421 homes sold in April 2016. This brought year-to-date (January thru April) sales to 1,080 units – down by 2.4% versus the comparable period last year. The downturn in sales during April may be due to a shift in buyer psychology prompted by the Ontario Government’s Fair Housing Plan which was unveiled mid-April.

Some buyers may now be taking a “wait and see” attitude based on the notion that the government’s plans may cause prices to subside in the months ahead. While many pundits do not believe that the measures contained in the government’s Fair Housing Plan will have enough teeth to materially affect demand in the long run, there is no question that the announcement can affect buyer psychology in the short run. Other potential buyers may be waiting for prices to come down with a rising tide of new inventory coming onto the market.

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Oakville Transactions - APR 2017

NeighbourhoodTotal TransactionsAvg Sales Price ($)Avg Days on Market
Bronte Creek14$1,174,64311
Bronte33$1,261,19714
Central12$1,253,54310
College Park9$1,068,0568
Clearview7$1,086,28612
Falgarwood16$903,4627
Ford8$2,054,37514
Glen Abbey22$1,291,4559
Glenorchy15$1,101,13311
Joshua Creek17$1,682,9648
Morrison10$2,809,20017
Old Oakville8$1,856,25010
River Oaks26$1,206,1199
Southwest10$1,913,10012
Wedgewood Creek21$1,103,3519
Westmount22$1,116,25010
West36$1,312,6449
West Oak Trails25$1,046,5158