Sales and Listings Picking Up in Oakville –
The current market is a familiar tale. Simply put – there are a lot more home buyers than there are homes for sale. This is a common condition affecting many Canadian cities since the start of 2021, and the Oakville real estate area is no exception. There are lots of buyers, but still very few properties to go around and as a result, housing market forecasts predict that we will experience continued home-price appreciation over the next coming months. All that aside, buyers who are serious about purchasing a property are strongly encouraged to take that step as soon as possible to avoid paying more later on and with a limited amount of homes available, hesitation will likely lead to missing out on that dream home. This means that the right time for both sellers and buyers is right now!
The Oakville housing market continues to climb as the Spring time approaches. While February’s home sales activity may not have exceeded what it was in February 2021, the jump we’re seeing month over month is pretty exciting. The number of sales increased from 101 to 210 from January to February and more significantly, the number of Active Listings more than doubled – rising from 80 to 149 last month. The main story of the market continues to be one that favours home- sellers as Days on the Market have lowered from 17 in February 2021 to a speedy 10 in 2022 and Average Sales Prices have soared by over $270k since this time last year. As prices continue to rise, many experts predict more homeowners to list their home for sale, however with so much buyer demand it is going to take a record amount of new listing activity to really move the inventory peg much. That aside, there are phenomenal signs of the housing market’s renewed strength and March should be another great opportunity to make a buying or selling decision for you and your family.
If you’re thinking about making a move, think about Team RINA and we’ll make it a great choice together. All the best to you and yours this March!
– Rina DiRisio
A Look in the Numbers in Oakville:
Here is a snapshot of the Oakville real estate market for the month of February 2022 in comparison to February 2021, taking into account all property types:
