A LOOK BACK AT MARCH & APRIL AND PREDICTIONS FOR MAY –
We have seen an increase in inventory in April and March compared to January and February of this year. The number of sales has also increased substantially over the last two months although we have seen a slight cooling in showings over the last two of weeks due to the latest lockdown, which we believe is likely only temporary.
Sale prices are an at all-time high with no sign of decreasing. Compared to April of last year, sales are up a whopping 330% while active listings are down by almost 46%.
The average sale price of homes of all types in Oakville was $1,667,854 in April of this year; an increase of 33.3% compared to April of last year.
Buyer confidence is high, and demand is unwavering so we expect to see continued strength in the market for the foreseeable future.
DO YOU HAVE ANY INSIGHTS ON PROPERTY SHOWINGS AND HOW MUCH INTEREST AND ACTIVITY HOMES ARE GETTING?
Certain properties are getting a lot of showings, while others have noticed a decrease in interest brought on by the latest lockdown. This is true across all price ranges – from the high-end luxury home market to less expensive condos and townhouses. The number of competing offers in April has eased somewhat, yet we continue to see multiple offers on well-priced homes in all price ranges. There’s no real answer to generalize what’s doing well and what is not. It certainly helps to have a well-staged, clean, market-ready home to generate interest.
ADVICE FOR SELLERS?
I expect market activity to increase towards the end of May as we emerge out of the latest lockdown. A decrease in showing activity – if you’ve noticed one – is not an indication to lower your price.
ADVICE FOR BUYERS?
If you’re ready to buy, and it makes sense for your situation – get the ball rolling. Don’t wait for prices to fall. While there are fluctuations in price here and there, the overall trend is upwards. Housing in Oakville and the GTA is in high with no sign of decreasing.
A LOOK AT THE NUMBERS IN OAKVILLE:
Here is a snapshot of the Oakville real estate market for the month of April 2021 in comparison to April 2020, taking into account all property types:
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