Oakville Prices Reach Record High Again
The average price of an Oakville resale home sold through the Oakville-Milton MLS® system in October was $1,133,495 – up by a whopping 34.4% versus the $843,285 average price of October 2015. This established yet another new all-time record high for the Oakville resale market, nudging by the previous record high of $1,118,572 which was set just last month. The median price in October was $995,000, up by 33.6% versus the October 2015 median price of $745,000.
On a year-to-date basis (January thru October), the average price of an Oakville home (all property types) now stands at $1,054,423 – up by an eye-popping 25.6% versus last year. This represents an increase in home equity of over $215,000 for the average Oakville homeowner over the past twelve months. The main factors behind these jaw-dropping price increases remain the same: a strong local economy, income growth, exceptionally low interest rates, very low resale inventory and the ever growing “cachet” of the Oakville market.
The Oakville resale market recorded 269 sales in October, up by 7.2% versus the 251 units sold in October 2015. Year-to-date (January thru October) sales remain up versus last year by a solid 7.7% (2,991 units versus 2,778 units last year) despite the ongoing inventory shortage throughout 2016. Resale volume had been tailing off in the June thru September timeframe following a strong February thru May period.
The October bounce-back in sales may indicate that a growing number of sellers are finally being lured onto the market by the prospect of receiving record high prices. That said, tighter lending requirements introduced in October by the federal government for all high-ratio borrowers may affect future first-time buyer sales. First-time buyer transactions are crucial to percolating the market as a whole. Finally, market conditions also favour sellers from a days on market point of view (days on market declined to just 17 days in October, a full 7 days lower than October 2015 figure of 24 days).
Oakville Transactions - OCT 2016
|Neighbourhood||Total Transactions||Avg Sales Price ($)||Avg Days on Market|
|West Oak Trails||19||$717,084||9|