Market Update & Mortgage Rates Oakville Ontario
Three months into 2017 and we aren’t seeing any kind of slowdown in the Oakville housing market.
Per the Oakville, Milton and District Real Estate Board, total property sales jumped 17% in March 2017 compared to March 2016 with 974 units sold last month.
These solid numbers are a sure indication that the Spring market is here, says the President of the OMDREB. As we move forward into the new season, experts are hoping for a stable year.
The number of new listings in Oakville increased slightly year-over-year, going from 1,193 units to 1,436. Additionally, the overall dollar volume of sales through the Multiple Listing Service experienced an incredible 59% hike in March 2017 to $892.7 million. In March 2016, this total was $560.9 million.
Another area that experienced a significant jump from March 2016 to March 2017 was the median price on a residential home. In March of last year, the median price for a home in Oakville was $879,000 – one of the highest in the region. However, in March 2017, this median price skyrocketed by nearly 48% to $1.29 million.
With real estate prices increasing at a rapid pace across the province, this isn’t a big surprise despite the steep increase.
Here is how March 2017 residential sales broke down: Detached homes sold: 239, Semi-detached/townhouses sold: 50, Condominium apartments sold: 58, Other homes sold: 12, for a total of 359 units sold.
To put this into perspective, there were just 285 residential units sold in March 2016.
The most active price range for residential homes in Oakville in March 2017 were detached homes that sold for $1,000,001 or more, with 94% of the 239 homes sold falling in this range. In the same month one year ago, just 55% of detached homes were sold for more than $1 million.
As buyers continue to flock the market and an increasing number of millennials purchasing homes, the real estate market is certainly alive and well in our area. We are seeing home prices increase both provincially and nationally, and if you’re considering buying or selling a home at a time like this, consulting an Oakville mortgage broker can be the advantage you need to get the deal you deserve.
For more information on how we can help you navigate a busy housing market, contact one of our brokers today!