The average price of an Oakville resale home sold through the Oakville-Milton MLS® system in May was $846,187 – up by a slight 1.4% versus the $834,252 average price posted in May 2014. However, on a year-to-date basis (January thru May), the average price of an Oakville resale home was $840,830 versus $812,944 for the same period last year – representing a more substantial increase of 3.4%. The average Oakville homeowner has therefore enjoyed an increase in home equity of about $28,000 thus far in 2015. With prices likely continuing to rise due to a combination of tight inventory and ultra-low borrowing costs, this figure will almost certainly increase. To put this level of price growth into a more full perspective, the most recent inflation growth figure from Stats Canada (April 2015) stands at a paltry 0.8%.
The Oakville resale home market recorded 346 sales in May – down by an eye-catching 7.2% versus the 373 homes sold in May 2014. Volume continues to be constrained by low inventory which is limiting the ability of many would-be purchasers to find acceptable properties. Consequently, a sizeable number of potential purchasers have remained on the sidelines thus far in 2015. On a year-to-date basis, (January thru May), volume is down by 3.5% versus last year (1,302 units sold in 2015 as against 1,349 units sold in 2014). Finally, sellers with marketable properties are not only enjoying attractive prices, they are also enjoying a record-setting sales experience in terms of time. May’s average days on market was a very attractive 23 days.