Sensational Oakville Price Increases Continue
The average price of an Oakville resale home sold through the Oakville-Milton MLS® system in March was $1,394,389 – up by an eye-popping 35.9% versus the $1,025,703 average price of March 2016. Although slightly less than the all-time record of $1,428,664 which was set just last month, Oakville resale prices are still displaying unprecedented levels of growth. With the first quarter of 2017 now complete, the average year-to-date price of a resale Oakville home is up by approx. $345,000 versus the comparable period last year ($1,343,374 versus $998,059, or +35.9%).
What’s perhaps even more noteworthy is that the percentage of fully detached Oakville homes selling over the $1 million mark in March was a whopping 94.1%. Adding to this ideal seller’s market climate is another all-time record low days on market. In March, the average Oakville resale home took just 15 days to sell, as compared to 22 days in March 2016 (which is equivalent to a 31.8% reduction).
The Oakville resale market recorded 359 sales in March, up by a sizeable 18.9% versus the 302 units sold in March 2016. After two relatively weak months in terms of sales, March sales signaled a turnaround in volume likely due to the beginning of strengthening inventory levels. With the first quarter of 2017 now over, year-to-date sales are showing a 9.0% growth versus the comparable period last year (748 units versus 686 units).
It is likely that the allure of these sensational price increases will finally entice a growing number of sellers onto the market, which will be highly positive for volume going forward. That said, more inventory will likely also begin to finally curtail the mind-boggling price increases noted above, although prices will still remain much advanced versus last year. Savvy sellers may want to get the jump on their competition by listing earlier rather than later in order to maximize their investment, given the current environment.
Oakville Transactions - MAR 2017
|Neighbourhood||Total Transactions||Avg Sales Price ($)||Avg Days on Market|
|West Oak Trails||21||$1,026,595||10|