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Oakville Real Estate Market Update

Your Oakville Real Estate Market Update

As a leading mortgage broker in Oakville, Ontario, James makes sure that he is always staying updated with the latest statistics and trends in the Oakville real estate market as well as its surrounding areas. In order to fully satisfy all our Loewen Group clients, he believes that you have to be always be prepared and have as much knowledge about the industry as you possibly can, especially when it pertains to your local market.

To begin this past months update, let’s review May 2016’s numbers compared to May 2015:

Total sales for the month were up 6.2%, going from 385 transactions to 409. However, the average sale price also increased. The average price for a home in May last year was $848,829 and this past May it hit $1,051,881 for a 23.9% hike. The total dollar amount that homes sold for in May 2016 was $412,049,010 and averaged 17 days on the market.

These same categories have seen similar increases over the first five months of 2016 compared to the first five months of 2015. From January to May of this last year the city of Oakville saw 1347 residential sales with an average price of $841,212. Over the same period last year, 1515 sales were recorded at an average price of $1,022,904 for a 12.5% and 21.6% increase, respectively.

Here is the breakdown of how houses sold in May 2016:

Detached, 268;

Semi-Detached/Link/Townhouse, 69;

Condo Apartment/TH, 66;

and Other, 6.

Two-thirds of all detached sales in Oakville were over $1,000,000 in May while just over half of semi-detached homes sold were in the $600,001 to $800,000 price range. Condo/apartment sales didn’t experience the same domination in a single price range as three separate price ranges saw nearly dead-even percentage of sales. The $200,001 to $300,000 range (22.2%), $301,000 to $400,000 range (22.7%) and $600,001 to $700,000 range (22.6%) all represented the top three percentages in that housing type.

Though Oakville has the highest average price in areas covered by The Oakville, Milton and District Real Estate Board, it continues to have the highest number of sales while averaging the second-fewest number of days on the market. Oakville led the way by a long shot for sales in May 2016 with 409 while Milton was the next closest at 124. Burlington (88), Mississauga (79) and Halton Hills (20) trailed behind.

In such a competitive industry and an even more competitive world, it is necessary that those looking to make a difference put in the extra effort in order to satisfy their clients. Loewen Group’s owner, James is a mortgage broker in Oakville who takes the time to study the industry and plan for what may happen next as best as he can. He does this so that he can assure you that you are being taken care of the right way and truly are receiving the best advice, guidance and information that you possibly can.

James has been getting his clients the best mortgage rates in Oakville for years. A dedicated professional who leads by example, James is a respected mortgage broker in Oakville who is ready to help. If you’re looking to buy or sell in the area, reach out to James today!

Source: https://www.omdreb.on.ca/news/mls-stats

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

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