SUMMER 2021 MARKET UPDATE

SUMMER HAS ARRIVED AND IT’S HEATING UP THE OAKVILLE MARKET –

According to the TRREB (Toronto Regional Real Estate Board), May showed a minor sales decline in the Oakville real estate market following the March Peak, but the TRREB believes this is only temporary and that the market should continue to sustain its current high resale price rates. May rates were down to just over 18,500 new listings, down about 2,300 from April, but numbers are still up to nearly 10,000 above what they were this time last year.

The TRREB believes this will mean that resale values remain high and will likely increase even further, with average resale prices across all home types in the GTA continuing to grow month-to-month. Those actively looking to purchase a home continue to face a lot of competition from other buyers, which inevitably leads to increased prices.

One major contributor to increasing resale values is the massive lack in housing supply that has persisted through the pandemic, with borrowing rates continuing to stay low and demand remaining red hot. As Ontario continues to reopen and the world begins to return to normal, the TRREB believes we will see a significant increase in immigration into the area in the next couple of years that will further increase demand and add positive value to resale prices.

The market is continuing to stay extremely hot and competitive. If you’re considering making a move this year, our team can help you discover what your home is worth and how to best position you for selling success in the current market! We are your number one resource for all things real estate — give us a call today!

A LOOK AT THE NUMBERS IN OAKVILLE:

Here is a snapshot of the Oakville real estate market for the month of June 2021 in comparison to June 2020, taking into account all property types:

Click the links below for our neighbourhood-specific market updates:

BRONTE-CREEK-JULY-2021
GLEN-ABBEY-JULY-2021
GLENORCHY-JULY-2021
JOSHUACREEK-JULY-2021
RIVEROAKS-JULY-2021
SE-OAKVILLE-JULY-2021
SOUTHWEST&CENTRAL-OAKVILLE-JULY-2021
WESTOAKTRAILS-OAKVILLE-JULY-2021

For more personalized information, click the ‘Let’s Talk’ button in the top right corner and let’s chat!

real estate oakville

SPRING 2021 MARKET INSIGHTS

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:

For more personalized information, click the ‘Let’s Talk’ button in the top right corner and let’s chat!

SEPTEMBER 2020: OAKVILLE REAL ESTATE MARKET STATISTICS

SEPTEMBER 2020: OAKVILLE REAL ESTATE MARKET STATISTICS

Here is our overview of September 2020 in Oakville real estate:

There was a 47.53% increase in the number of sales in September 2020 vs. September 2019.

The average days on market decreased by 30.56%. This means that properties sold in less time in September 2020 vs. September 2019.

The number of active listings in September 2020 dropped by 33.09% in comparison to the number of listings on the market in September 2019.

The median sale price of an Oakville property jumped to $1,339,500 in September 2020 in comparison to $1,047,500 in September 2019. This is a 27.87% year-over-year increase in the median sale price (taking into account all property types) – WOW!

To summarize, homes sold more quickly and for more money in September 2020 in comparison to September 2019. There were fewer listings on the market in comparison to last year – which undoubtedly contributed to the increase in median sale price. The number of properties sold was also significantly higher, indicating a lot more activity in Oakville real estate market in September 2020 in comparison to the same time last year.

As demand continues to be strong with supply relatively limited heading into the fourth quarter, we expect to remain in a Seller’s market throughout the final months of the year and into 2021 as well.

Rina is a leading real estate agent in Oakville. If you are looking for houses for sale in Oakville, browse my website for featured properties.

Rina DiRisio
B.A., SALES REPRESENTATIVE
Lifetime resident of Oakville

Rina DiRisio

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