In a word, hot! The year to date average sale price for a residential home was $1,047,119 according to OMDREB. That is a 24.8% increase compared to the YTD average sale price of $838,877 over the same period in 2015. 61% of single detached home sales were over a million dollars. Also, driving the market sales were condominiums in the $400K to $600K range and semi-detached homes in the $600K to $800K price range.
In September the driver of the sales market were homes over $1,000,000. The average sales price of a residential home in Oakville was $1,118,572 and the average days on market (DOM) was 17 days. The YTD average days on market is 21 days so sales were even hotter in September. The median sale price was $980,000.
There have been 2,719 residential home sales in 2016 compared to 2527 in 2015 and that is up 7.6%.
There were 171 Detached Homes that sold in September, 36 Semi's/Link/Townhouses and 48 Condominium apartments and 10 other sales in Oakville.
Peppino's Oven in Westmount on the West side of Oakville is best known for fresh hand spun pizza and thin style pizza. Check out this Margherita Pizza with bocconcino and basil (below left) and spaghetti with meatballs (below right). Note, they offer a great take out menu as well!
Menu Items include: starters, salads, sandwiches, chicken wings.
Tip: watch out for their specials Monday night to Thursday night. Panzerotti's and Calzones!
The Real Estate Market in Oakville continues to be as hot as the weather! According to the Oakville Milton District Real Estate Board (OMDREB) Year to date sales are up 8.3% and there have been 2443 homes sold in 2016 compared to 2255 in 2015. The average days on the market was 22 days. So you can see the real estate market continues to be a hot one.
The average price in Oakville was $1,041,000 in August 2016 up from $901,754 in 2015. The median price in August was $920,000. There were 233 sales in August 2016 and that is the same as August 2015.
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.
Happy Holidays. Coronation Park residents are invited to a FREE Family Fun Skate on Sunday December 27th from 1 pm to 2 pm at Kinoak Arena at 363 Warminster Drive in Oakville. This event is Sponsored by the Troy McLean Group. For tickets please contact Bill Keay at 647-984-2455. Bring your skates. Children need to wear CSA approved helmets.
In October 2015 there were fewer sales reported to OMDREB the Oakville Milton District Real Estate Board. There were 632 sales in October 2015 compared to 759 over the same period in 2014. However, there have been 2754 sales year to date in 2015 compared to 2600 over the same period in 2014 and that represents a 5.92% increase in sales. The average sale price in Oakville was $865,985 in October 2015 and that is up 3.16% compared to $839,496 in 2014. In Burlington the average sale price was $675,391 in October 2015 with an average of 30 days on the market. In Oakville, the average days on market was 24 days in October 2015. In Milton, the average sale price was $550,195 in October 2015 and the average days on market was 15 days. The homes selling in the $500,000 to $599,999 and $600,000 to $699,999 had the highest sales and were driving the sales in October 2015. There were 80 homes sold that sold for over $1,000,000.
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.