The average price of an Oakville resale home sold through the Oakville-Milton MLS® system in November was $805,452 – an eye-catching 15% increase versus the November 2013 average price of $701,409. On a year-to date basis (January thru November), the average resale price in Oakville is $807,878 – up by a full 10% versus last year’s average of $735,536 for the same time period. This increase represents an increase in equity of over $72,000 for the average Oakville homeowner. The robust price growth experienced throughout 2014 is expected to continue through 2015 given a continuation of high demand versus limited supply in the marketplace. Higher mortgage rates are expected in 2015 which could have a moderate impact on demand.
Sales volume for the month of November was 149 units, down by 13% versus the 171 units sold in November 2013. Despite this sizeable decline, year-to-date volume (January thru November) is still showing a respectable 5% increase versus last year (2,747 units sold in 2014 versus 2,608 units sold in 2013). So overall volume remains on track to be a very solid year despite the sluggish, weather-related start to the year and despite weak inventory levels which were prevalent throughout all of 2014. Households clearly remain upbeat about home ownership because monthly mortgage payments remain affordable relative to accepted lending standards. In addition, housing has consistently proven itself to be a quality long-term investment.