April 2018 Oakville Real Estate Update information shows a market that is changing from a strong sellers' market to a buyers' market. Year over year, the sale price of an Oakville home decreased between 3.66 per cent and 7.63 per cent depending on the type of property. The exception, condo apartment pricing increased by 5.43 per cent.
“Recent polling conducted for TREB by Ipsos tells us that the great majority of buyers are purchasing a home within which to live. This means these buyers are treating home ownership as a long-term investment. A strong and diverse labour market and continued population growth based on immigration should continue to underpin long-term home price appreciation,” said Mr. Syrianos
In April 2018 a total of 284 residential sales were recorded. The number of new listings was 709, with a total number of 1007 active listings. There was 3.4 months of inventory.
March 2018 Oakville Real Estate Update
“The comparison of this year’s sales and price figures to last year’s record peak masks the fact that market conditions should support moderate increases in home prices as we move through the second half of the year, particularly for condominium apartments and higher density low-rise home types. Once we are past the current policy-based volatility, home owners should expect to see the resumption of a moderate and sustained pace of price growth in line with a strong local economy and steady population growth,” said Jason Mercer, TREB’s Director of Market Analysis
April 2018 Oakville Real Estate Update shows the GTA's average home price was $804,584 (TREB). The Oakville Milton District Real Estate Board (OMDREB) shows the median sale price for a home in Oakville is $925,500. For April 2017, the median sale price of a home in Oakville was $1,145,000.
In April 2018, an average Oakville property took 26 days to sell, and it sold at 97% of the last listed price.
Median sales price according to type:
- Detached: $1,220,000
- Semi-Detached: $752,600
- Condo Townhouse: $502,2500
- Condo Apartment: $425,500
- Attached/Row/Townhouse: $752,500
The average number of days to sell a detached home was 24, semi-detached: 18, condo-townhouse: 24, condo-apartment: 39, and Attached/Row/Townhouse: 22.
Listing price vs sold price were extremely close. Detached homes sold for 97% of the list price, semi-detached: 101%, condo-townhouse: 98%, apartment: 96%, and townhouse: 97%. Last year homes were selling on average 105% above the listed price.
Buyers are currently in the driver's seat. From last year, the total number of available listings has doubled; prices for detached homes have decreased 7.05%, attached decreased 7.63%, townhomes decreased 3.66%, and apartments increased 5.43%.
April 2018 Oakville Real Estate Update is showing a change. Prices are off the peak of 2017, but the economy is strong, and Oakville continues to see a steady increase in population. Considering how close the selling price is to the sold price, sellers are being realistic, and buyers have time to consider all the facts.
Sources:
Toronto Real Estate Board (TREB)
Oakville Milton District Real Estate Board (OMDREB)