Is That Days On The Market Or A New Years Countdown? –
As we enter a brand-new year, the Oakville housing market continues to see a combination of rising prices and a shortage of housing supply leading to an ongoing seller’s market. We are starting to see some price adjustments, but inventory is flying off the market almost as soon as it arrives. With a slightly lower price tag than in previous quarters, they are still significantly higher than this time last year so sellers still have the same strong bargaining position they’ve had for the past three to six months.
While sales are down year over year, December’s closings were fairly typical for the month. House & Condo sales fell 31 percent year over year last month, dropping from 42 properties sold last December to 15 this year. The more startling stat currently is how homes are remaining on the market for fewer days when comparing year over year and month after month. In December 2020, the average days spent on the market was 42, last month was a speedy 15 – even quicker than November and October 2021. Average home prices have jumped over $200,000 since this time last year; rising from $1.38 to $1.58 Million!
Ontario recently reinstated some restrictions that may impact the market this January but it’s a new year and there’s no better time to start fresh. Overall, prices are lower than last month and days that homes spend on the market are at an all-time low so if you’re thinking about buying or selling your home, now would be a great time to speak with one of our experienced agents who can help guide you through what might happen in 2022!
Wishing you and your loved ones all the best from Team RINA
– Rina DiRisio
A Look at the Numbers Oakville:
Here is a snapshot of the Oakville real estate market for the month of November 2021 in comparison to November 2020, taking into account all property types:
