Oakville Market Supply Continues to Improve
The Oakville resale home market recorded 196 sales in June – down by a whopping 50.4% versus the 395 homes sold in June 2016. This brought year-to-date (January thru June) sales to 1,556 units – down by 19.5% versus the comparable period last year. The current market appears to be in a state of flux that often follows major policy announcements pointed at the housing market.
On one hand, purchase intent in the Oakville market remains strong, but a sizeable chunk of these would-be buyers are remaining on the sidelines waiting to see the full impact of the Ontario Fair Housing Plan which was announced on April 20th. On the other hand, many existing home owners are listing their homes because they feel that price growth may have peaked. The end result has been a market with vastly improving supply and moderating annual price growth.
The average price of an Oakville resale home sold through the Oakville-Milton MLS® system in June was $1,130,094 – up by 6.0% versus the $1,065,864 average price of June 2016. That said, prices are off substantially from their high of $1,428,664 which was recorded in February. Despite this recent pullback in prices, the overall price gain in 2017 remains very substantial.
With the year now half over, the year-to-date (January thru June) average price increase for all property types in Oakville remains at an eye-popping 24.9%. That translates into a home equity gain of over $256,000 for the average Oakville homeowner. Overall, the market appears to be heading back to a more balanced situation with supply starting to return to more normal levels and with the expectation that the recent pause in buying activity will be short-lived.
Oakville Transactions - JUNE 2017
|Neighbourhood||Total Transactions||Avg Sales Price ($)||Avg Days on Market|
|West Oak Trails||10||$898,790||22|