Spring is a hopeful season! It brings new beginnings, transformation & change. 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 surge in demand for housing experienced in the second half of 2020-maintained momentum into the first quarter of 2021 and is expected to climb further as we move into spring towards summer. Normal spring increases in sales activity, coupled with elevated demand due to COVID-19, have resulted in a booming March real estate market as buyer interest continued unabated in the face of rising home prices and limited choice. Existing home seller and new construction activity remain below levels necessary to bring the market back into balance, pointing to a busy and competitive buyer market in the coming months.
The year-over-year statistics indicate an upward trend, with the average price of a detached home in Oakville now $1,993,160 - up 36.9% from March 2020.
The market is showing no signs of slowing down! It's a great time to sell & explore your options. Right now, sellers are in the driver's seat and can dictate elements of the offer like your closing date/price. An encouraging downward trend is that currently, on average, Oakville detached properties sell within 11 days. Are you considering a move? We're here to offer you insights on the current and forecasted market conditions to help you make the most informed decisions about your biggest investment.
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 March 2021 Market Snapshot for Oakville!
Across all styles of homes in Oakville, the Average Sales Price increased! Average Sales Price increased 36.9 percent to $1,993,160 for Detached homes, increased 35.3 percent to $1,115,878 for Semi-Detached/Townhouse homes and increased 52.0 percent to $923,774 for Condos. Detached/Semi/Town Homes are selling in record time too. Average Days on Market decreased 47.6 percent to 11 for Detached homes and decreased 65.0 percent to 7 for Semi-Detached/Townhouse homes. It’s a great time to sell in Oakville!
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