These figures are exclusively for the Oakville residential market and although all information provided is deemed accurate it is not guaranteed.
The average sale price is found by adding the value of all sales and divided by the number of homes sold. The median sale price is the midpoint sales price of all sales.The variance between the median and the average is primarily accredited to the high price point of the multiple luxury sales in Oakville for the month. A few $5 million plus sales can skew the calculation upward.
These stats do not include sold properties not reported through the the Oakville, Milton and District Real Estate Board. For example, a home listed and sold by a Toronto Real Estate Board member who did not list the property on the Oakville board. I know sounds crazy right...who would ever do that and forego the massive exposure to Oakville realtors? Shockingly, it happens.
See further down for our more in depth "Under the Hood" look at the numbers.
The January 2019 sales volume remained consistent with the last month of 2018, which isn't particularly robust considering it was the lowest total since the gloomy days of the subprime mortgage crisis induced 2008 recession. However in contrast to that period, we are seeing home prices, stock markets and other economic indicators remain stable so it is quite possibly a result of low inventory and the uncomfortable winter weather. Nothing says house shopping like polar vortex temperatures and blustering snow flurries. It is also important to recall in 2009 that home prices did not falter for long in the GTA and that by the late spring we found ourselves in a booming real estate cycle with both prices and volume rising.
There are still many buyers out there as demonstrated with the occasional multiple offer bonanza we have seen but their lack of urgency has allowed them to search out good value versus the panic "pay anything" behaviour of the spring 2017. Months of inventory have climbed to 3.71 and average days on market sits at 47. In a more balanced market such as this, proper pricing and marketing exposure are fundamental for sellers to attain a good sale price within a reasonable time frame. There has also been some chatter of the government relaxing the mortgage qualifying stress test but we will have to wait and see if it comes to fruition.
As always, we are here to answer any of your real estate and housing questions you may have, no matter how big or small the need might be. Look forward to chatting,
Blair & Peter
Jan 2019 YTD
Jan 2018 YTD
Jan 2019 YTD
Jan 2018 YTD
Jan 2019 YTD
Jan 2018 YTD
Average Sale Price
Number of Sales
Days on Market
In addition to its ideal proximity to Canada's biggest city, one of Oakville's other big draws has always been its schools. Not only have we had some of the top ranked schools in the province, we have always demonstrated a great level of consistency with nearly all of our schools being in the upper tier. Most cities have some good performers but often have many with significantly lower scores leading to boundary concerns which can affect property values. The Fraser Institute based out of Vancouver is one of the most relied upon sources for school comparisons and although it has its limitations, provides some good general trends and evaluations. This year there were 3046 elementary schools in Ontario ranked and 21 out of Oakville's 26 public schools were in the top 1000. More impressively, 10 of them were in the top 288 with EJ James, Forest Trail, Munns, New Central and Pilgrim Wood coming in as our top 5 and representing a broad geographic mix from the town. Oakville faired even better with their public secondary schools with all 5 ranked in the top 60 out of the 747 schools ranked. Of particular note, Abbey Park secured the #2 spot in the province with Oakville Trafalgar landing the 11th spot. Our great town has so many desirable attributes, but perhaps none more important to potential newcomers than the impressive reputation of our schools.
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