How Did the Real Estate Market look in October 2021?
Another month of 2021 has raced by! Here are the house market statistics for the Town of Oakville. Your concise guide to the trends.
The number of sales are up 5% from last month as people settle down from the move out of lock down, into a somewhat more normal life. Sales compared to last year are down 19% which is hardly surprising when you consider that inventory is still low with active numbers being 63% lower than last year! This continues to be great news for sellers, but tough on buyers.
Average sale prices continue to rise; 2% up from last month but 15% from this time last year. The average sale price in Oakville for October is $1,512,634. As we know, like many towns and cities, Oakville has many different types of homes and neighbourhoods which all vary in their trends of average prices and activities. If you are planning a move, it's very important to talk with us to get specific information on areas you're considering.
Months of inventory (MOI) is always a good metric to look at for general view of the current market. 2019 saw middle-range numbers indicating more of a Balanced Market, 2020 saw those numbers drop into a Seller's Market, and during 2021 we continue to see MOI drop and stay low, currently at 0.7.
Average days on the market (DOM) remain low, as well, with an average of 12 DOM across all home types. Which types of homes sell best? Semi-detached & townhomes/Row houses have the shortest DOM of 8 days, with Condo apartments at 18 days. It's very normal for Condos to be higher, as typically you should (recommended) include a 7-14 day Conditional period for status certificates to be obtained and reviewed.
Months of inventory (MOI) is always a good metric to look at for general view of the current market. 2019 saw middle-range numbers indicating more of a Balanced Market, 2020 saw those numbers drop into a Seller's Market, and during 2021 we continue to see MOI drop and stay low, currently at 0.7.
Average days on the market (DOM) remain low, as well, with an average of 12 DOM across all home types. Which types of homes sell best? Semi-detached & townhomes/Row houses have the shortest DOM of 8 days, with Condo apartments at 18 days. It's very normal for Condos to be higher, as typically you should (recommended) include a 7-14 day Conditional period for status certificates to be obtained and reviewed.ROSS BRIDGES REAL ESTATE TEAM - HELPING YOU FIND YOUR WAY HOME!
How does this month compare to last? Read the Oakville September Market Update.
How does Burlington compare to Oakville? Read the Burlington October Market Update.
Dit you know that Ross has a Podcast? Check out Rambling REALTORS® for discussions about all things Real Estate, including trends and statistics!
Call us now! Or schedule a phone or Zoom consultation with Ross Bridges, REALTOR® - Helping you find your way home.
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