Summer has officially come to an end and school is back in session! As we enjoy this change of pace and season, we take a moment to look back on the performance of the Oakville local property market and consider what this means for future trends.
The year to date statistics (January-August 2021) indicate an upward trend, with the average price of all home types in Oakville now $1,463,778 - up 22.81% from January-August 2020.
While the market has taken its regular summer breather, it is clear that the demand for ownership housing remains strong. At the same time, the supply of listings is down. The result has been tighter market conditions and sustained competition between buyers, resulting in double-digit annual increases in selling prices. As we move toward 2022, expect market conditions to become tighter as population growth in the GTA starts to trend back to pre-COVID levels.
We live, work and play in Oakville, and it is our goal to inform and share with you what's happening and why our communities are so special to us. Below you will find the August 2021 Market Snapshot for Oakville!
Across all styles of homes in Oakville, the Average Sales Price increased! Average Sales Price increased 23.77 percent to $1,958,639 for Detached homes, increased 18.67 percent to $1,070,160 for Semi-Detached homes, increased 22.19 percent to $1,147,511 for Att/Row/Townhouse, and increased 29.75 percent to $835,994 for Condo Apartments. All styles of homes are selling in record time too! Average Days on Market decreased 44.0 percent to 14 for Detached homes, decreased 22.22 percent to 7 for Semi-Detached Homes, remained the same at 14 for Att/Row/Townhouse, decreased 14.8 percent to 23 for Condo Apartments. It’s a great time to sell in Oakville!
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