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Oakville Market Update – January 2017

Oakville Mortgage – James Loewen

After operating at a torrid pace in 2016, home sales cooled down in the final month of the year.

As qualified Oakville mortgage professionals, the Loewen Group Mortgages team is always looking for ways to help their clients and keep them informed.

Per the Oakville, Milton and District Real Estate Board, all property sales experienced an 8.5% drop in December 2016 from December 2015, going from 414 to 379. While sales were dropping, the number of new listings also fell 370 units to 351 year-over-year, a decrease of 5.1%.

The average price for a residential home in Oakville saw yet another jump year-over-year. In December 2016, the average sale price on a home was $1,089,000 compared to $843,901 in the same period last year. Unsurprisingly leading the way yet again were the sales of detached homes.

Last month, 77 detached homes were sold in Oakville compared to 67 in December 2015. Additionally, just 31% of detached homes were sold for more than $1 million in December 2015 compared to 68.8% in December 2016, more than double than 2015.

The number of semi-detached/link/townhouses sold dropped from 18 units to 17 units from December 2015 to 2016, while the number of condominium apartments also experienced a drop, falling from 33 sold units to 22 year-over-year.

Consistent with last year, the most active price range for semi-detached/link/townhouse sales occurred in the $400,001 to $600,000 range. 88% of all sales in this category fell within this range in December 2016, up from the 77.8% recorded in 2015.

As the average price in the area increased, people were forced to pay more for condo apartments. In December 2015, 27% of all condo sales happened within the $200,001 to $300,000 price range. This number fell drastically in December 2016 as just 4.5% of all condo sales happened within this range.

Overall, the total dollar volume of all property sales in December 2016 was $229,022,228, a jump of 0.5% from December 2015. So, while December could be considered a “down” month for the housing market, it still accumulated more money than it did during the same period the previous year.

After such a strong 2016, the 2017 real estate market will be a fun one to watch.

If you’re considering buying or selling a home in the area, interested in refinancing a mortgage, renewing one or seeking debt consolidation, contacting an Oakville mortgage professional at Loewen Group Mortgages can help give you the advantage you need.

For more information on how the team can help you, contact them today!

Source: http://creastats.crea.ca/oakv/

Source: https://www.omdreb.on.ca/news/market-watch

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