How did OAKVILLE’s May 2018 real estate market perform?
The above infographic compares to the same month for this and previous years. It’s a snap shot but doesn’t tell the whole story! For a better understanding, look at data plotted below. The top plots are for fully detached homes, with average sale price on the left plot and the number of units sold on the right.
The plots on the bottom show the performance of all other residential or “non-detached” properties.
Fully Detached Homes
- Average Price… FINALLY, we’re seeing it tip up! The continuous slide for detached properties in Oakville seems to have slowed. NOW is the time to buy a detached home in Oakville, as we’ve seen quite the drop from last years numbers of almost a quarter million dollars compared to the balloon of 2017. Does this mean home values are below market? Well we’re seeing close to 2016 pricing so I would expect we should see some more recovery in these properties. Oakville’s correction has been a bit difficult for some home owners hoping to “get rich” off last years prices, as the number of over priced, expired and cancelled listings has been high. But we’re slowly making our way back to a balanced market.
- Number of Sales started well, but has flattened out compared to previous years. Next year we should see a better market, unless another influence (foreign buyers tax, Mortgage qualification changes) impacts it. (Interest rates?)
Non-Detached Homes (Semi, Towns, Condo Apartments)
- Average Price dipped a bit compared to last month, but is performing well against previous years and not too badly over the 2017 bubble!
- Number of Sales started slow, but business is growing, which is great news.
The Market in Oakville has slowed, detached prices are down and even favourable compared to years previous to 2017. Great time to buy a detached home in Oakville! For Non-Detached, we’re still seeing a good balanced market, not quite the deals of Detached homes, but appropriate for Oakville as it continues it’s growth.
As always, this varies between specific areas and types of property, so if you really want to know what’s going on in your area, please contact me!
UNDERSTAND YOUR HOME’S VALUE
Knowing the actual value of your home in a quick moving market is not always easy…
- What were the factual sale prices of properties similar to yours?
- How do various differences impact the value?
- What is the market doing to your neighbourhood’s value?
It’s what we do, use our resources and experience to get detailed answers related to your home specifically. Please fill in the questions below to receive a detailed evaluation of your property. I do this personally for you using my knowledge and experience combined with factual data from your neighbourhood.
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