The average price of an Oakville resale home sold through the Oakville-Milton MLS® system in March was $823,064 – down by a slight 1.6% versus the $836,612 average price posted in March 2014. Despite this minor downtick, the average price for the three months ending in March came in at $839,094 which was up by a solid 6.3% versus the average price for the first three months of 2014. To put this level of price growth in some additional perspective, the most recent inflation growth figure from Stats Canada (February 2015) stands at just 1.0%. Accordingly, home ownership in the Oakville market has provided significant real returns from an investment perspective. Days on market remained at a brisk 22 days in March, down by 3 days versus the 25 days posted in March 2014.
The Oakville resale home market recorded 247 sales in March – down by a sizeable 7.8% versus the 268 homes sold in March 2014. Volume continues to be constrained by supply shortages which are severely limiting options for would-be purchasers and resulting in many of them to remain on the sidelines. With the first quarter now completed, volume is so far lagging last year by a significant 6.2%. Supply shortages have been an ongoing issue for the past several months and, while helping to push prices generally higher, they are causing problems from a volume point of view. In order for volumes to show a clear recovery trend, the number of active listings in the marketplace needs to improve substantially during the months ahead.