Which Part of Oakville is the Most Coveted for Luxury Sales?
Oakville is fancy … and apparently some luxury homes in town are selling rather quickly to kick off 2018.
It took considerably less time to sell a home over the $3 million price point in the first two months of the year, despite some softening in the top end of Oakville’s luxury market, a recent report finds.
The 2018 Re/Max Luxury Property Report breaks down what’s happening in town.
Six properties which changed hands in 2018 spent an average of 24 days on the market, down from 42 days in 2017 and 70 days in 2016.
Fifteen homes were sold between January 1 and February 28 in 2017, while seven moved during the same period in Oakville in 2016.
“With strong demand from local buyers and an adequate supply of inventory, Oakville’s luxury homes are well-positioned for the advent of the traditional spring market,” the report reads.
“Economic fundamentals remain solid, confidence is climbing, and call volumes to real estate offices are on the upswing.”
Southeast Oakville remains the most coveted, with the area located east of downtown and north of the lake seeing the greatest home-buying activity at the $3-million-plus price point.
“Infill continues unabated, with buyers more than willing to fork over $1.5 plus for a generous lot size,” the report reads.
Sales in the southeast tend to involve buyers who are upgrading from communities north of the QEW, such as Joshua Creek.
The Coronation Park area is also an up-and-coming luxury market; and let’s face it — who wouldn’t be proud to say they live on Westminster Dr?
As of last month, 44 homes over the $3 million price point were listed for sale in Oakville.
Of this number, 18 have asking prices over $5 million.
The most expensive property is an 11,000-sq.-ft. estate on a one-acre lot listed at $17.9 million.
While most 2018 luxury sales occurred between $3 and $4 million, there were two sales over $5 million in February.
The priciest sale year to date was a manor in Eastlake, at $6.3 million.
While 2018 may be off to a slower start, “there should be a notable shift in home-buying activity in late spring and early summer.”
Luxury sales are expected to climb, with the total number of homes sold over the $3-million price point falling between 36 and 48 (representing between three and four sales a month) at year-end.
The average price of luxury homes “is forecast to experience a modest increase over 2017 levels,” the report predicts.
Are you surprised by the numbers of luxury homes sales in Oakville?