Are you looking to purchase a home in the Oakville area? Did you know that, as Oakville mortgage professionals, our team at Cashin Mortgages stays up to date on the latest market news and trends and we can even recommend local real estate professionals to help you find the perfect home?
As you go through the process of getting pre-approved for your mortgage and begin searching for the home of your dreams, it is important to consider the local market so you know where to start looking.
In the latest report released by the Oakville, Milton and District Real Estate Board, property sales were down, even amidst increases in new property listings on the market.
There were almost 9% more sales in July of 2016 then there were just a couple months ago in July of 2017. This 8.47% decrease shows a drop in total sales from 1,027 in July of 2016 to only 940 in July of 2017.
Despite the decrease in overall sales, new listings are continuing to be added to the market. The total number of new listings in July rose an incredible 26.52% this year, beating last year’s 1,225 listings by 325.
New listings were not the only area of the market that saw an increase this July. The dollar volume of sales across all property types also increased 14.12%. In July of 2017, the total volume of sales hit $837,484,410 while the total only made it to $733,853,384 in the same month a year before.
In our local Oakville area, the median residential sales price did also increase for the month of July on a year to year basis, since the median sales price rose to $1,210,000 in July of this year.
As experienced Oakville mortgage brokers, our team knows how to navigate any market to get you the most competitive rate and best options on your mortgage.
Whether you are looking to purchase a home as a first time home buyer or refinance your mortgage, the local market and current rates will have an impact on your home financing. Give us a call today to find out how we can make the local market work in your favor!