Despite the warm weather, the housing market is showing no signs of cooling. The real estate market has undoubtedly evolved over the last year, with changes in both buyer and seller behaviour. In this time when people are weighing their options and weighing up their future needs, we have seen a surge in lifestyle purchases. Let's take a look back at what has happened in the Oakville local property market, and what this may mean for the future.
For the month of May, home sales have remained strong across Canada despite COVID-19 restrictions. We saw a significant increase in the number of newly listed properties during the month with homes selling quickly. The infusion of new listings combined with the strength in demand set the stage for the average price to increase across all styles of homes in Oakville.
The year-over-year statistics indicate an upward trend, with the average price of a detached home in Oakville now $1,829,841- up 27.7% from May 2020.
Home builders will be under intense pressure to boost the available inventory on the market to meet buyer demand with such a limited supply of existing homes. However, increasing material and labour costs, along with supply chain challenges, have contributed to significantly higher construction costs, with builders passing these costs on to homebuyers. The rising temperatures, rising sales prices, and the reopening of the economy may encourage more sellers to the market in the coming months, but historically low levels of homes for sale are likely to continue for some time. Is moving on your mind? 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 May 2021 Market Snapshot for Oakville!
Across all styles of homes in Oakville, the Average Sales Price increased! Average Sales Price increased 27.7 percent to $1,829,841 for Detached homes, increased 18.7 percent to $1,082,113 for Semi-Detached/Townhouse homes and increased 25.8 percent to $798,448 for Condos. All styles of homes are selling in record time too! Average Days on Market decreased 66.7 percent to 11 for Detached homes, decreased 61.9 percent to 8 for Semi-Detached/Townhouse homes and decreased 67.3 percent to 18 for Condos. It’s a great time to sell in Oakville!
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