Summer is here! Along with some beautiful weather. 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.
Vaccination rates are rising, COVID-19 cases are on the decline, and the housing market continues to surge along, with limited inventory fueling record sales prices across most of the country. In addition to rising housing prices, there have been reports that interest rates may soon rise as well.
The year-over-year statistics indicate an upward trend, with the average price of a detached home in Oakville now $1,962,054 - up 21.4% from June 2020.
For now, mortgage rates remain low, and buyers are taking note, with total mortgage debt increasing 7.8% over the past year. In many areas, buyers are making multiple offers, some for well over asking price, while others are making offers on homes sight unseen. Demand for housing remains strong, and with an undersupply of available homes to choose from, housing starts are up, with the Canada Mortgage and Housing Corporation reporting a seasonally-adjusted increase of 3.2% from April to May.
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 June 2021 Market Snapshot for Oakville!
Across all styles of homes in Oakville, the Average Sales Price increased! Average Sales Price increased 21.4 percent to $1,962,054 for Detached homes, increased 22.0 percent to $1,038,581 for Semi-Detached/Townhouse homes and increased 39.7 percent to $774,992 for Condos. All styles of homes are selling in record time too! Average Days on Market decreased 68.6 percent to 11 for Detached homes, decreased 52.4 percent to 10 for Semi-Detached/Townhouse homes and decreased 33.3 percent to 16 for Condos. It’s a great time to sell in Oakville!
We would love to provide you with a neighbourhood market update for your area!
Contact us today for your neighbourhood report.