Oakville Prices Set Another All-Time High
The average price of an Oakville resale home sold through the Oakville-Milton MLS® system in August was $1,108,391 – up by an eye-catching 22.9% versus the $901,754 average price recorded in August 2015. This established yet another new all-time high price for the Oakville resale market, easily eclipsing the previous all-time high of $1,075,178 which was set in June of this year. The median price in August was $920,000, up by 27.8% versus the August 2015 median price of $719,900. Of note, 62.7% of all detached home sales in Oakville during the month of August sold for in excess of $1 million.
On a year-to-date basis (January thru August), the average price of an Oakville home (all property types) is $1,041,308 – up by an equally impressive 23.6% versus last year. The main factors behind these robust price increases continue to be a strong regional economy, growth of incomes, exceptionally low borrowing costs and very low inventory in the marketplace.
The Oakville resale market recorded 233 sales through the Oakville-Milton MLS® system in August, exactly flat versus the 233 units sold in August 2015. Year-to-date (January thru August) sales are up versus last year by a healthy 8.3% (2,443 units versus 2,255 units last year) despite the persistent inventory shortage. Volume had been building in the February thru May timeframe, as a growing number of sellers were lured into the market by the prospect of record-setting prices. However, this growth has clearly stalled over the past three months.
With prices now showing even greater growth, it is possible that more sellers may come into the market over the balance of the year which will help improve volume. Current market conditions also clearly favour sellers from a ‘days on market’ point of view. On this latter point, average days on market were 24 days in August, down by 3 days from the August 2015 figure of 27 days.
Oakville Transactions - AUG 2016
|Neighbourhood||Total Transactions||Avg Sales Price ($)||Avg Days on Market|
|West Oak Trails||21||$809,658||20|