Demand Remains Steady As Listings & Sales Inch Up –
As we prepare to enter what’s traditionally the busiest season of the year, we are seeing multiple offers on many homes, therefore, record breaking prices on most properties. These days, it’s really tough to evaluate homes since we can barely use recent sales as a gauge because the prices increase so quickly and real estate seems to be selling for a much higher price than first anticipated. For those interested in buying, expect to be very competitive when it comes to your offer and don’t get caught up in how much properties are listed for since these are often purposely set low to bring in more offers which then sell for above asking price. Sometimes they sell for what seems to be “too much”, but that’s the current market in Oakville for the foreseeable future. For those looking to sell your home or investment property, the timing has never been more in your favour but it’s best to consult a qualified, experienced real estate professional as your first step to ensure the process is not only easier, but more profitable.
Our Oakville housing market saw steady home sales activity, significant increases in property listings and continued upward trends in pricing in March. While listings did not surpass what we saw in March 2021, they did grow from the amount listed in February of this year, so the Spring market is definitely warming up. Last month, the Oakville area had 220 listings, a slight 6% decrease from this time last year but posted 71 more than the month before. As for Sales, there were 266 in March versus 210 in February but that is just over half of the amount sold in March of 2021. Despite having a higher volume of people listing their homes for sale in March, the housing market remains significantly undersupplied, which has been pushing home prices to new highs month after month. Average Sale Prices are now at $1.9 Million, $295k higher than they were in March 2021 and have jumped another $54,000 since February of this year.
Looking for a change? Now is the best time and RINA has a dedicated best team. Let’s make this April a special one.
– Rina DiRisio
A Look at the Numbers in Oakville:
Here is a snapshot of the Oakville real estate market for the month of March 2022 in comparison to March 2021, taking into account all property types: