Apr
25

Sensational Oakville Price Increases Continue

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).

Related: Burlington Market Continues To Set Records

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.

Related: Monthly Neighbourhood Market Reports

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Oakville Transactions - MAR 2017

NeighbourhoodTotal TransactionsAvg Sales Price ($)Avg Days on Market
Bronte Creek10$1,380,05011
Bronte29$1,226,82811
Central16$1,429,96315
College Park14$1,028,3578
Clearview6$1,342,5007
Falgarwood11$1,129,4557
Ford26$1,890,37123
Glen Abbey28$1,412,6546
Glenorchy14$1,178,3478
Joshua Creek20$1,602,4798
Morrison19$2,817,28913
Old Oakville19$2,108,88359
River Oaks39$1,072,2897
Southwest14$2,007,85716
Wedgewood Creek14$1,169,9069
Westmount21$1,127,7548
West33$1,435,05512
West Oak Trails21$1,026,59510