Being a mortgage broker in Oakville, James Loewen and the team at Loewen Group Mortgages are committed to providing excellent service to each and every one of their clients.
Providing great service includes offering the most up-to-date, relevant and useful information possible. Therefore, we are consistently tracking the local area’s monthly real estate statistics.
Per the Oakville, Milton and District Real Estate Board, October 2016 experienced a slight drop in property sales despite a rise in total dollar volume. Property sales in the area totalled 715 units, a 2.46% drop from October 2015. This was also a slight fall from the 733 properties sold in September 2016.
Additionally, the number of new listings in Oakville dropped 14.5% month-over-month.
Although sales dipped, Oakville still saw an increase in the total dollar volume recorded last month, rising 23.5% in October 2016 to $547,733,627 after totalling $443,840,389 in October 2015. The fact that the dollar volume has experienced such a hike is a reflection of how high the average sale price in Oakville has become.
The median sale price on a residential home in October 2016 was just shy of the $1 million mark at $995,000. This number was a 33.5% jump from October of last year when the median price was $745,000, a whopping $250,000 lower.
The most common type of home sold in Oakville in October 2016 were detached homes with 184 units sold. The housing type with the second-most sales in the month were condominium apartments with 40 sales followed by semi-detached/link/townhouses with 38.
The most popular price range for detached home sales last month was the $1,000,001+ range with 69.5% of all detached sales. The $400,001 to $600,000 range was the most active for condo apartments while the $600,001 to $800,000 range led the way for semi-detached/link/townhouses at 47.5% and 69.8%, respectively.
How the market performs in the final months of the year will need to be monitored closely as both the average and median sale prices continue to climb. Buyers are entering the market but there simply isn’t the same amount of supply to keep up with demand.
If you’re interested in buying or selling a home in the area, contacting a mortgage broker in Oakville, Ontario such as one from our team is a great way to ensure that you are looked after the right way.
For more information and to find out how we can help you get the right deal, contact our team today!