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Jun
13

Oakville Resale Prices Set Another Record

Oakville Resale Prices Set Another Record

The average price of an Oakville resale home sold through the Oakville-Milton MLS® system in May was $1,051,881 – up by a whopping 23.9% versus the $848,829 average price recorded in May 2015. This established yet another all-time high for the market, surpassing the previous high of $1,032,129 which was set just last month. The median price in May was $930,500 which was also an all-time high. Of note, a full two-thirds (66.8%) of all detached home sales in Oakville during the month of May sold for in excess of $1 million.

On a year-to-date basis (January thru May), the average price of an Oakville home (all property types) is $1,022,904 – up by an eye-catching 21.6% versus last year. Low inventory, ultra-low interest rates, the ever-growing Oakville “cachet” and excellent consumer confidence remain the main drivers of robust price performance.

Related: Burlington Resale Prices Set New Record

The Oakville resale market recorded 409 sales through the Oakville-Milton MLS® system in May, up by a solid 6.2% versus the 385 units sold in May 2015. This brought year-to-date (January thru May) sales to 1,515 units, up by 12.5% over last year for the same time period. Volume has been building solid momentum over the past four months as a growing number of sellers are being lured onto the market by the prospect of record-setting prices.

Given the lengthy softness in the market prior to the last few months, there is a sizeable amount of pent-up demand remaining in the market. In summary, these market conditions have created an ideal environment for would-be sellers to potentially maximize their investment in the shortest period of time. On this latter point, average days on market fell to just 17 days in May.

Related: Monthly Neighbourhood Market Reports

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Oakville Transactions - MAY 2016

NeighbourhoodTotal TransactionsAvg Sales Price ($)Avg Days on Market
Bronte Creek151,045,01719
Bronte31991,60317
Central121,058,35421
College Park13710,2697
Clearview91,007,1115
Falgarwood13788,40012
Ford261,408,30010
Glen Abbey301,076,4038
Glenorchy151,038,22715
Joshua Creek171,285,3468
Morrison212,437,31830
Old Oakville141,595,40219
River Oaks39835,87912
Southwest131,988,60749
Wedgewood Creek15990,5266
Westmount26806,82611
West30987,03715
West Oak Trails33834,5078