The first quarter of 2015 has followed on from 2014 with a strong Seller’s market in Oakville. Lack of inventory continues to drive prices up, with the average price of properties sold this quarter being $839,094, up 6.25% on the same quarter last year, median price is $727,000 which is an increase of 8.11% on last year’s figures. A further indication of the strength of the Seller’s market is the number of properties that have sold above list price, a sure sign of multiple bids. Of the close to 600 units sold in Oakville via the Oakville and Milton Real Estate Board, approximately 24% of them reported a sale price greater than asking.
The most expensive home sold in the quarter is a 4 bedroom, 6 bath custom property located on a 130×150 foot lot in Old Oakville which sold at $4.3mi. At the other end of the scale is a 3 bedroom, 2-storey condo apartment for $187k. Older freehold homes, in need of some renovation can still be picked up for around the $400-425k mark, but with only 21 freeholds selling for less than $470k, in the whole quarter, the options are limited.