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Oakville home sales heated up in July according to figures released recently by the Oakville Milton & District Real Estate Board (OMDREB) The number of Oakville residential sales in July climbed 12.44% over the same month last year and the average price of a home in Oakville this July rose 6.85% over July of 2013.

The year to date average price of a home in Oakville came in at $808 805 representing a 7.62% increase over the same period in 2013 while the median home price rose 8.98% to $689 000 from the $632 000 median price reported in July 2013.

Detached home sales accounted for 61% of the total homes that sold in Oakville during the month of July. Of all the detached homes that sold last month, 21.4% sold for a price between $800 000 and $1 000 000, while another 29.7% sold for a price that was over $1 000 000. Putting these numbers together shows that over half of all the detached homes that sold in Oakville last month had a price tag that exceeded $800 000.

The market was also strong overall throughout the GTA. Toronto Real Estate Board President Paul Etherington reported strong year-over-year growth for July 2014 sales and the average selling price. Sales reported by TREB Members through the TorontoMLS system were up by 10 per cent to 9,198. This was the second-best July sales result on record.

“The second half of 2014 started where the first half left off, with very strong demand for the diversity of affordable home ownership options in the Greater Toronto Area. Sales were up strongly for most major home types and market conditions actually tightened, with sales growth outpacing listings growth. The result was average price growth well-above the rate of inflation,” said Mr. Etherington.

The average selling price for July 2014 sales was $550,700 – up by 7.5 per cent compared to July 2013. The strongest rate of price growth was reported for the detached market segment in the City of Toronto, with a year-over-year change of 11 per cent. The better-supplied condominium apartment segment experienced average price growth of 5.3 per cent for the GTA as a whole.

“Strong demand for ownership housing will underpin robust average price increases for the remainder of 2014. In fact, the pace of price growth that we have experienced over the past year will continue until growth in listings outpaces growth in sales for a sustained period of time,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

 

 

08/19/2014 – This article was posted by Oakville Real Estate agent Ryan Crane, who is an Oakville Realtor that specializes in the Mississauga, Burlington, Milton, and Oakville Real Estate markets. You can find him at www.oakvillerealestate4sale.ca

This Oakville Real Estate Agents website provides full access to all Oakville Homes for Sale and the Oakville MLS Listings including the sold prices for Oakville Sold Properties.

Tags: Oakville Real Estate, Oakville Homes for Sale, Oakville Real Estate Agent, Oakville Real Estate Agents
 

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