Home values remain stable while number of homes sold decreases

home-pricesAverage sale price January 2013 $671,006 +10.57%
Average sale price January 2012 $606,860

Average sale price February 2013 $741,164 +8.17%
Average sale price February 2012 $685,155

# of Residential sales January 2013 146 -10.98%
# of Residential sales January 2012 164

# of Residential sales February 2013 217 -25.35%
# of Residential sales February 2012 272

House prices are up year over year and volume of sales is down. This is the 4th consecutive year of this trend. Lower volume of sales is attributed to substantial changes to mortgage rules and lending guidelines, as well as mixed Canadian & U.S. economic data weighing negatively on consumer confidence. In Oakville, prevailing low inventories of good properties for sale is resulting in pent up demand. Homes that have been well prepared for sale are receiving excellent attention from buyers and prices are responding accordingly. As a result, properties sold in February averaged 26 days on the market versus 43 in January. The remainder of the market is “balanced”. For “move up” home buyers, “down-sizers” and investors there are many solid long term investment opportunities available if you know where to look for them.

Oakville 2012 – Average sale price:

Condominium Apartment $356,031
Condominium Townhome $383,157
Freehold Townhome $501,010
Semi-detached $456,053

 

Oakville Real Estate Listings: Oakville Homes for Sale and Lease

4 bedroom detached (North of QEW) $765,740
4 bedroom detached (South of QEW) $1,291,488