Oakville Prices Set Another Record High

Oakville Prices Set Another Record High

The average price of an Oakville resale home sold through the Oakville-Milton MLS® system in September was $1,118,572 – up by a jaw-dropping 38.8% versus the $806,103 average price recorded in September 2015. This established another new all-time record high for the Oakville resale market, marginally surpassing the previous all-time high of $1,108,391 which was set just last month. The median price in September was $980,000, up by 36.1% versus the September 2015 median price of $720,000.

On a year-to-date basis (January thru September), the average price of an Oakville home (all property types) is $1,047,119 – up by a remarkable 24.8% versus last year. This represents an increase in home equity of over $208,000 for the average Oakville homeowner over the past twelve months. The main factors behind these eye-popping price increases are a strong local economy, growth of incomes, exceptionally low borrowing costs, very low resale inventory and the constantly growing “cachet” of the Oakville market.

Related: Record Burlington Resale Prices

The Oakville resale market recorded 265 sales through the Oakville-Milton MLS® system in September, down by 2.6% versus the 272 units sold in September 2015. However, year-to-date (January thru September) sales remain up versus last year by a healthy 7.6% (2,719 units versus 2,527 units last year) despite the ongoing inventory shortage. Resale volume had been building in the February thru May timeframe, as an increasing number of sellers were lured into the market by the prospect of record-setting prices. However, this growth has completely stalled over the past four months.

That said, with prices now showing even greater growth, it is possible that more sellers may come into the market over the remainder of the year which will help improve volume. Current market conditions also clearly favour sellers from a days on market point of view. On this latter point, days on market declined to just 17 days in September, a full 6 days lower (-26.1%) than September 2015 figure of 23 days.

Related: Monthly Neighbourhood Market Reports

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Oakville Transactions - SEPT 2016