Oakville Resale Prices Remain Frothy
The average price of an Oakville resale home sold through the Oakville-Milton MLS® system in July was $1,049,190 – up by a whopping 23.2% versus the $851,674 average price recorded in July 2015. Although down slightly from the all-time record of $1,075,178 which was set in June, Oakville resale prices are still vastly ahead of last year. The median price in July was $916,000, up by 28.3% versus the July 2015 median price of $714,250.
Of note, 64.0% of all detached home sales in Oakville during the month of July sold for in excess of $1 million. On a year-to-date basis (January thru July), the average price of an Oakville home (all property types) is $1,034,762 – up by an eye-popping 23.8% versus last year. Ultra-low inventory, a healthy labour market, solid consumer confidence and highly favourable interest rates continue to remain the main drivers of price growth.
The Oakville resale market recorded just 260 sales through the Oakville-Milton MLS® system in July, down by 13.9% versus the 302 units sold in July 2015. Despite this shortfall, year-to-date (January thru July) sales are still up versus last year to the tune of 8.7% (2,197 units versus 2,022 units last year). Volume had been building in the February thru May timeframe, as an increasing number of sellers were being lured onto the market by the prospect of record-setting prices. However, this process seems to have stalled at least temporarily over the past two months.
With prices still showing exceptional growth, more sellers may come to market in the months ahead which will help strengthen volume. Current market conditions also clearly favour sellers from a days-on-market point of view. On this latter point, average days on market were 21 days in July, down by 5 days from July 2015.
Oakville Transactions - JULY 2016
|Neighbourhood||Total Transactions||Avg Sales Price ($)||Avg Days on Market|
|West Oak Trails||19||776,500||12|