How are the Oakville-Milton real estate markets doing?
Monday, 06 March 2017, 02:05:00 PM
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.
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