Oakville Resale Prices Reach New High
The average price of an Oakville resale home sold through the Oakville-Milton MLS® system in April was $1,032,129 – up by a resounding 21.9% versus the $847,023 average price recorded in April 2015. This established yet another all-time high for the market, surpassing the previous high of $1,027,834 which was set just last month. The median price in April was $901,250 which was also an all-time high. The median home price is the midway price point of all the homes sold (i.e., half sold for more and half sold for less).
Median prices are another excellent indication of the performance of the market since, unlike average prices, they are not impacted by a handful of huge prices. On a year-to-date basis (January thru April), the average price of an Oakville home is $1,010,042 – up by a whopping 20.5% versus last year. Low inventory, favourable interest rates and excellent consumer confidence remain the main drivers of price performance.
The Oakville resale market recorded 403 sales through the Oakville-Milton MLS® system in April, up by an eye-catching 15.5% versus the 349 units sold in April 2015. This brought year-to-date (January thru April) sales to 1,088 units, up by 13.1% over last year for the same time period. Volume has been building solid momentum over the past three months as a growing number of sellers are being lured onto the market by the prospect of record-setting prices.
Given the prolonged softness in the market prior to the last few months, there is likely a sizeable amount of pent-up demand remaining in the market. This pent-up demand will likely continue to unfold in earnest during the crucial spring market. Overall, these market conditions have created a “perfect storm” for would-be sellers to potentially maximize their investment in the shortest period of time. On that latter note, days on market fell to just 19 days in April which is another record.
Related: Monthly Neighbourhood Market Reports
Oakville Transactions - APR 2016
|Neighbourhoods||Total Transactions||Avg Sales Price ($)||Avg Days on Market|
|West Oak Trails||28||861,266||9|