How is the Oakville, Burlington and Milton real estate market doing? According to information released on July 5th by the Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales decreased by 30.3% in June compared to June 2016. There were 703 residential property sales in June compared to 1,009 in June 2016.
In addition to this, in June there were 18.8% more new property listings from 1,227 in June 2016 to 1,458 in June 2017.
Dennis Horton, the 2017 President of OMDREB said, "as we continue to see a shift in the market, we're interested in how the year will unfold." That is really not saying very much in my opinion.
Although the number of sales in June were down and then number of new listings were up this did not adversely affect the average or median prices in Oakville or Milton. In Oakville the median price in June was $992,500 and that increased by 10.0% compared to $901,777 in June 2016.
The average sale price in June was $1,130,094 and that was up 6.0% from $1,065,864 in June 2016.
There were 121 detached homes, 36 Semis/Link/Townhouses, 35 Condo Apartments/Townhouses and 4 other home sold in June 2017.
In Milton, the median sale price was $745,395 and increase of 24.6% from $638,156 compared to the same time last year.
The average days on market in Oakville was 23 days in June and 21 days in Milton.
There were 52 detached homes sold, 22 Semis/Link/Townhouses sold, 12 Condo Apartments/Townhouses sold and 15 other homes sold in June 2017.
There were 56 sales recorded by OMDREB. The average days on Market was 16 days. The Median price was $657,500 and the Average price was $745,276. More information to follow about Burlington.
Based on the above market conditions, Sellers should adjust their expectations accordingly. The real estate market frenzie in February and March is over. On the other hand, Buyers will have more choices available to them than they did in previous months. It may be a good time to buy right now over the summer before interest rate potentially get increased in the fall.
May has an Increase in Homes for Sale and Decrease in Property Sales
According to the Oakville, Milton and District Real Estate Board (OMDREB), the number of all properties sold in the month of May 2017 decrease by 19.1% compared to May 2016. There were 840 property sales in May of this year compared to 1,038 in 2016.
Also, there was an increase in the number of homes for sale from 1,266 in May 2016 to 1,776 in May of this year and this represents an increase in 40.3%.
"There is an abundance of local inventory, however, the decrease in property sales could indicate a potential shift in the real estate market," said Dennis Horton, the current President of OMDREB.
OMDREB also stated that the dollar volume of all property sales processed the real estate board's system saw a decrease of 11.8% in May 2017 to $664,158,892 from $753,263,002 in May 2016. This is a pretty significant decrease in sales.
Oakville's median residential sale price for the month of May was $1,045,000 an increase of 28.4% from $926,500 in May of 2016. Furthermore, the median sale price in Milton was $745,000 in May 2017 compared to $627,515 in May 2016 for an increase of 18.1%.
In Oakville, there were 143 Detached homes sold in May 2017, 35 Semi/Link/Townhouses sold, 56 Condo Apt/TH and 9 Other sales.
In Milton, there were 68 Detached home sales in May 2017, 22 Semi/Link/Townhouses sales, 56 Condo Apt/TH sales and 13 Other sales.
The Average Days on Market was 18 days in May 2017 in Oakville compared to 11 days in April 2017. So homes are taking slightly longer to sell as the year goes on.
Oakville Sees an Increase in New Listings, but a Decrease in Property Sales
According to the Oakville, Milton and District Real Estate Board (OMDREB), the number of new listings increased by 6.6% from 2,908 in April 2016 to 3,102 in April 2017. Moreover, there were 325 residential sales in April 2017 compared with 421 in April of 2016 for a decrease of 22.8%.
The average sale price in April 2017 was $1,268,168 and that is up 22.17% from $1,038,056 in 2016. In addition to this increase, the Median sale price rose 33.0% in April 2017 because the median sale price was $1,199,900 compared to $902,150 in April 2016.
Dennis Horton, the 2017 President of OMDREB said, "We're seeing an increase in new listings so we're hoping for a solid month".
Residential homes continue to sell quickly in Oakville and the average days on the market in April was 11 days. The Year-to-date average days on market is 16.
There were 80 detached homes sold in April 2017 in Oakville, 43 Semis/Link/Townhouses, 18 Condo/Apartment/TH, and 15 others.
How are the Oakville and Milton real estate markets doing in February 2017?
According to the latest analysis of the Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales increased by 1.26 percent in February 2017 compared to the same month in 2016. There were 642 property sales in February 2017 compared with 643 in February 2016.
However, the number of new properties listed decreased by 3% from 860 in February 2016 to 834 in February 2017. "Listings saw a decrease, but we're glad to see an increase in sales," said Dennis Horton, the President of OMDREB.
The average sale price of a residential home in Oakville sold for $1,428,664 in Feb. 2017 compared to $995,357 in Feb. 2016 for an increase of 43.53%. Furthermore, the median sale price of a residential home in Oakville was $1,250,000 in Feb. 2017 and $880,750 in Feb. 2016 for an increase of 41.92%.
Year to date the number of sales in Oakville has not changed very much since 2016. There have been 377 residential sales so far in 2017 compared to 384 over the same period in 2016. The year to date average sale price is $1,295,571 so far in 2017 compared to $976,318 over the same period in 2016 for a 33% increase. In addition to this, the year to date median sale price also saw an increase of 38.15% to $1,175,000 in 2017 compared to $850,000 year to date in 2016.
The average days on market (DOM) in Oakville was 16 days in February 2017.
The big driver of the housing market in Oakville in February 2017 was detached home sales. There were 167 detached home sales, 31 Semi-detached/Link homes/or Townhouses, 38 Condominiums and 6 other sales for a total of 242 residential sales.
More than 87% of the detached homes sold in Oakville sold for over $1 million.
The average sale price of a residential home in Milton sold for $799,167 in Feb. 2017 compared to $570,987 in Feb. 2016 for an increase of 39.96%. Furthermore, the median sale price of a residential home in Milton was $790,000 in Feb. 2017 and $541,400 in Feb. 2016 for an increase of 45.92%.
Year to date the number of sales in Milton has decreased by 12.58% in 2017 compared to the YTD in 2016. There have been 139 residential sales so far in 2017 compared to 159 over the same period in 2016. The year to date average sale price is $764,304 so far in 2017 compared to $577,686 over the same period in 2016 for a 32.3% increase. In addition to this, the year to date median sale price also saw an increase of 34.65% to $732,500 in 2017 compared to $544,000 year to date in 2016.
The average days on market (DOM) in Milton was 14 days in February 2017 and that was the fastest in Halton Region in the month of February 2017.
The average sale price of a residential home in Oakville for the month of February 2016 was $1,003,599 compared to $865,106 in Feb. 2015. Also, the month of February was higher than January's average of $937,671.
The Median sale price in February 2016 was $883,500 compared to $747,000 in February 2015.
The average days on the market in February 2016 was 14 days according to the Oakville-Milton District Real Estate Board. The pace of the market is very quick. We are observing many transactions with multiple offers. Sellers received 98.9% of list price in Oakville in February 2016 and that is only marginally higher than 98.5% in February 2015.
Buyers who are thinking about making a purchase need to be prepared for the fast paced market. It is always important to be prequalified with a lender and make sure that your lender has copies of pay stubs and job verification letters in hand prior to looking at homes. Look at homes that are within your budget. There are many things to do to get the Seller to say YES to your offer. Attach a certified deposit cheque with your offer and that will let Sellers know that you are serious. Shorten conditions as much as possible and do due diligence on the property as much as possible before placing an offer. Try and match the closing date that the seller is looking for. These are just a few tips to help the Seller say Yes to your offer! Happy house hunting!
According to the Re/max Housing Market Outlook for 2016, sales in Oakville are expected to increase by approximately 10 percent and the average residential sale price will increase by 5 percent.
The last several years there has been low inventory and this has created pent up demand in the market. The Average Sale Price in 2015 was approximately $840,000. Growing families moving up from smaller homes in Mississauga and other areas of the GTA drive demand in Oakville's housing market. 2 storey, 4 bedroom detached houses in the $800,000 to $1.2 Million range are in highest demand.
Luxury homes have been in higher demand this year, and days on market have decreased. There have been more foreign buyers in this segment, particularly in the $1.6 to $2.4 Million range, considered the lower to mid-range of the luxury market.
How is the Toronto Real Estate Market doing in October 2015?
The Toronto Real Estate Board (TREB) President Mark McLean announced that GTA Realtors reported 8,804 home sales through TREB's MLS System in October 2015. He stated, " This is the best result on record for the month of October". Moreover, he said, " We will see a big, new record this year for home sales reported through TREB's MLS System".
The MLS Home Price Index (HPI) Composite Benchmark was up by 10.3% year over year in October. Over the same period, the average selling price for all home types combined was up 7.3% to $630,876.