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 $1,022,904 – up by an eye-catching 21.6% versus last year. Low inventory, ultra-low interest rates, the ever-growing Oakville “cachet” and excellent consumer confidence remain the main drivers of robust price performance.
The Oakville resale market recorded 409 sales through the Oakville-Milton MLS® system in May, up by a solid 6.2% versus the 385 units sold in May 2015. This brought year-to-date (January thru May) sales to 1,515 units, up by 12.5% over last year for the same time period. Volume has been building solid momentum over the past four months as a growing number of sellers are being lured onto the market by the prospect of record-setting prices.
Given the lengthy softness in the market prior to the last few months, there is a sizeable amount of pent-up demand remaining in the market. In summary, these market conditions have created an ideal environment for would-be sellers to potentially maximize their investment in the shortest period of time. On this latter point, average days on market fell to just 17 days in May.
Oakville Transactions - MAY 2016
|Neighbourhood||Total Transactions||Avg Sales Price ($)||Avg Days on Market|
|West Oak Trails||33||834,507||8|