December Snapshot
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 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.
Hot New Listings...
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As is usually the case, December was a slower month in real estate as both sellers and buyers focus on the Christmas season and warmer weather holidays. That being said, 80 houses were still traded in Oakville as people are always moving in and out of the town at all months of the year. This represented about 15% of the available inventory for the month. The number of sales for the year dipped ever so slightly to 1975 compared to 2049 in 2018. Both the average and median sale price bumped up marginally between 2-4% which was as forecasted and represents a healthy market albeit not the insanity of the 2017 market! Oakville is still a predominantly single detached housing community with over 2/3 of the sales represented by this class. This is in stark contrast to our 416 neighbours where the condominium apartment market is booming with respect to unit sales and pricing. This is in large part to planning vision differences where the city of Toronto supports more vertical building in light of lifestyle demand, population density, affordability and obvious lack of land. As a premiere suburb, Oakville offers a more conventional family oriented picture of privacy, back gardens and tree lined streets while still providing relatively easy access to the downtown city core.
In general, it is our opinion that the Oakville real estate market will remain healthy and in demand, especially in particular price ranges. Buyers will still be price conscious though and continue to look for fair value and be less inclined to enter into bidding wars. It is anticipated that the new decade will continue where the last one left off with a moderate 2-4% increase in prices in 2020 as key economic indicators such as employment, inflation and equity markets remain strong. Any adjustment in the positive direction in fiscal policy and mortgage rules by our government could result in even a stronger year. Oakville has always been a safe haven for real estate and protected its values well over time due to its popularity, beauty and proximity to Toronto. As always, please don't hesitate to reach out to us should you have any questions or would like to have a complimentary and confidential discussion about your home or the market in general.
Cheers,
Blair & Peter
A Few of Our Recent Solds...
Happy New Year!
We want to share the incredible adventure our own Blair Mackey participated in this past November. The Royal LePage Shelter Foundation Sahara Desert Trek had over 100 agents from across Canada raising funds for their local Women's Shelter where emergency and crisis services are made available to abused women and their children. These dedicated agents all pay their own expenses and travelling costs so every dollar raised goes towards this great cause. The groups hiked over 100 km in the Sahara Desert's challenging terrain on this physically tough and mentally tiring journey. Collectively they raised over 1.1 million for this worthy and underfunded cause. We are so very proud and thank you all for your support.
Our "Under the Hood" Look at the Numbers
Median Sale Price
December 2019
$1,020,000 (+8.63%)
December 2018
$939,000
December 2019 YTD
$980,000 (+4.26%)
December 2018 YTD
$940,000
Average Sale Price
December 2019
$1,191,094 (+2.41%)
December 2018
$1,163,066
December 2019 YTD
$1,137,416 (+1.52%)
December 2018 YTD
$1,120,373
Number of Sales
December 2019
80 (-2.44%)
December 2018
82
December 2019 YTD
1,975 (-3.61%)
December 2018 YTD
2,049
Toronto Sales
Average Sale Price
$837,788 (+11.9%)
Number of Sales
4,399 (+17.4%)
Days on Market
29 (-6.5%)
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