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.
This chart shows the benchmark HPI for Oakville since 2005. The biggest change in the benchmark occurred back in 2008-2009 because of the lending crisis and recession resulted in lower sales in the luxury market which in turn decreased the HPI. This is very useful information to have to be able to see trends.
Here is the February 2017 Oakville House Price Index
The Benchmark Price for a Single Family Detached home in Oakville has gone up by 6.63% over a 1 month period of time and is $815,500. This is my first blog post about Oakville's HPI. More information to follow.
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 residential sale price in Oakville in January 2017 was $1,071,933 compared to $937,333 in January 2016. The median price in January 2017 was $988,500.
The main driver of the housing market in Oakville was the sale of detached homes and these homes accounted for 62% of all home sales in January. Furthermore, 76 detached homes were sold and 73% of those sales were over $1,000,000.
In January 2017, the average days on market (DOM) in Oakville was 23 days.
This is a great time to sell in Oakville because the demand is high and the supply is low. This information should give sellers confidence in this market to sell and obtain a good price.
On the other hand, Buyers need to be prepared for the mortgage rule changes coming ahead on March 17, 2017. (More on that in my next blog). However, for now Buyers should make sure they have:
- a good credit score
- get their letters of employment to their mortgage broker or lender, pay stubs...etc.
-In addition to this they may be asked to provide a copy of their T4's or their income tax notice of assessments.
If Buyers are self employed then they will likely need to give their bank or mortgage broker 2-3 years of their Notice of Assessments. They will need to prove their income and that is Line 150 on the income tax return.
-Buyers should get a good mortgage broker and or lender to work for them. Lenders can explain the new rules for qualifying for a mortgage and help Buyers be prepared financially to make the offer process go more smoothly. Check out my on-line directory in the Extras Tab section to find super mortgage brokers and lenders.
-It is always important to have a bank draft or certified cheque ready when Buyers place an offer. It may be an advantage for Buyers to have their offers accepted before March 17th, 2017.
Be prepared to expect higher prices in 2017. Prices in Oakville and the GTA have been rising substantially. For example in 2016, the prices in Toronto rose by over 21% according to The Market Manuscript, by Ben Myers.
I hope you find this information helpful. For any questions about the real estate market or for a free market evaluation please contact me at 647-984-2455 by phone, or text or by email at email@example.com.
Posted by: Bill Keay
Sources: OMDREB, Ben Myers: Fortress Market Research.
The Realtors Association of Hamilton-Burlington (RAHB) reported 106 sales were processed through RAHB Multiple Listing Service (MLS) system in December 2016. This is down from 147 sales in December 2015 for a decrease of 27.9%. New listings were also down from 92 in Dec. 2015 to 83 in Dec. 2016 or a decrease in 9.8%.
However, the Median Sale Price of all residential homes was $631,150 in Dec. 2016 compared to $531,000 over the same period in 2015 and this is an increase of 18.9%. Also, the Average Sale Price rose to $707,652 in Dec. 2016 from $548,551 in Dec. 2015 for an increase of 29.0%. The Average days on market (DOM) was 25 days in December 2016 compared to 33 Days in December 2015.
In addition to this, the Median Sale Price for Freehold residential homes was $775,000 in Dec. 2016 up from $575,000 in Dec. 2015 and that is up 34.8%. Furthermore, the Average Sale Price for Freehold residential homes was $841,738 in Dec. 2016 up from $621,396 in Dec. 2015 for a rise of 35.5%. The Average Days on Market (DOM) was 26 days. The end of month inventory for homes was 84 and that is down from 148 in Dec. 2015.
There were 37 Condominium sales in Dec. 2016 down from 49 in Dec. 2015. The Median sale price of condominiums was $414,900 in Dec. 2016 compared to $352,000 in Dec. 2015 for a jump of 17.9%. The Average Sale Price was $457,600 in Dec. 2016 up from $402,861 for an increase of 13.6%. The Average Days on Market for a Condominium was 24 in Dec. 2016 down from 37 days in Dec. 2015.
Sales of homes priced over $1 million were up year-over-year in Toronto, Vancouver, Calgary, Victoria and Oakville in the first 9 months of 2016. In Oakville, an affluent suburb of Toronto on the West side of the GTA, sales of $1 million homes increased by 111% year-over-year. There were 1,195 sales over $1 million in the first 9 months of 2016 compared to 567 in 2015. There were 1,169 freehold homes sold and 26 condominiums over $1 million in 2016 compared with 549 freehold homes and 18 Condominiums in 2015.
In addition, there were 180 real estate sales in Oakville over $2 million in the first 9 months of 2016 compared to 80 in 2015. Again, the majority of the sales in 2016 were freehold (173) and condominium sales were 7 compared with 76 freeholds and 4 condominiums in 2015. The highest sale in 2016 was $8,300,000 and can be seen in the chart below. To have your own copy of the entire report please send an email to firstname.lastname@example.org.