Oakville March Market Update

By: Ross Bridges

Oakville March Market Update

Tags: Moving East to West, bridging the gap, Team Bridges, Ross Bridges, Oakville March 2021, Oakville, property, helping you find your way home. Exp Realty

 

OAKVILLE REAL ESTATE MARKET | ROSS BRIDGES REAL ESTATE TEAM


Spring is here and the Oakville real estate market continues to buzz! When comparing March 2021 to last year, we see an exceptionally large difference. I am sure we all remember that March 2020 was the start of the COVID-19 pandemic! As such, March of 2020 was slightly lower on sales and average priced compared to the previous year, but 2021 is still way over the normal averages with 151% higher number of sales than 2020, and 35% up from last month.   

New listings were up 41% from last month, but high sold numbers are making listings turn over quickly, with Months of Inventory (MOI) 0.6 being very low, as we stay in a Seller's Market. Average days on market (DOM) continue to stay in the low teens.  

The average selling price to listing price (Ave SP/LP) is 105%. Many properties are selling with multiple offers and for over asking. Semi-detached homes show the highest average SP/LP of 114%, with Condo Apartments remaining just below the 100% mark.

What does this mean? In general terms the price that a home is listed for is below what the final sale price will be. Often, they will have been sold firm, i.e. the offer/deal was without any conditions. It is vital that you understand 
the difference between a Seller's Market and Buyer's Market when selling or buying a property. 

Speak today to our professional REALTORS®, call 905-220-1848 and learn more about the different local markets and types of homes, as we guide you through the selling and buying process.

 

We use professional stagers and photographers to prepare your home for sale and have excellent financial advisors to help you with your real estate needs!    

We cover the Halton and 
Surrounding areas and are happy to speak to you  on navigating the real estate market.  

 

 

Ross Bridges Real Estate Team - Helping you find your way home!


February 2021 market update for Oakville, click here!

Contact us or schedule an appointment here

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