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Oakville Resale Prices Set Yet Another Record

Oakville Resale Prices Set Yet Another Record

The average price of an Oakville resale home sold through the Oakville-Milton MLS® system in June was $1,075,178 – up by an eye-catching 33.6% versus the $804,708 average price recorded in June 2015. This marked the sixth consecutive month in which a new all-time high resale price was established. The previous record set in May ($1,051,881) was a full $23,000 lower than the new high set just one month later. The median price in June was $925,000 – up by 28.5% versus the June 2015 median price of $720,000.

Of note, 62.9% of all detached home sales in Oakville during the month of June sold for in excess of $1 million. On a year-to-date basis (January thru June), the average price of an Oakville home (all property types) is $1,032,944 – up by a whopping 24.0% versus last year. Ultra-low inventory and interest rates continue to be the main drivers of robust price growth.

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The Oakville resale market recorded just 359 sales through the Oakville-Milton MLS® system in June, down by 3.8% versus the 373 units sold in June 2015. Despite this shortfall, year-to-date (January thru June) sales are still up versus last year to the tune of 10.5% (1,900 units versus 1,720 units last year). Volume had been building over the past four months (February thru May) as a growing 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 in June. With prices showing even more growth, more sellers may come out of the woodwork in the months ahead which will help volume. Current market conditions clearly favour sellers from both a price and days on market point of view. On this latter point, average days on market held firm at just 17 days in June.

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Oakville Transactions - JUNE 2016

NeighbourhoodTotal TransactionsAvg Sales Price ($)Avg Days on Market
Bronte Creek141,127,42112
College Park16712,91812
Glen Abbey421,077,1797
Joshua Creek151,382,55916
Old Oakville151,863,03337
River Oaks38786,19714
Wedgewood Creek91,013,77810
West Oak Trails29765,6599