February 2021 Market Report
Oakville, ON, March 8, 2021 – According to figures released March 5 by The Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales increased in February compared to the same period in 2020. Monthly property sales went up by 176, totalling 677 compared to 501 in February 2020.
The total number of new property listings also saw an increase of 127 this year: 872 new listings in February 2021 compared to 745 in 2020.
"With the market remaining strong in Oakville, Milton, and surrounding areas, we are still seeing a clear supply and demand issue in the housing sector for Halton. Couple this with the increasing popularity and desire to live in these areas, and we see that even though the amount of new listings is rising, it is still not keeping up," says OMDREB President Lynn Hoffmann.
"Approaching the one year mark of the pandemic, it is evident that COVID-19 has not curbed the appetite for housing in any way, which is driving inventory down and average prices up. Ultimately, this means that we must look to the future and find ways to saturate the market with affordable housing options. We look forward to advocating for this and lobbying all levels of government to make accessible affordable housing," continues Hoffmann.
For homes processed through the OMDREB MLS® system, the number of days on market until sale dropped nearly 62 percent in February 2021, sitting at just 16 days compared to 42 in February 2020. For townhomes and condos, days on market also dropped over 14 percent at 16 this year compared to 19 in February 2020.
In Oakville, the average sale price for a home in February 2021 was $1,857,336, up from $1,538,677 in 2020. The average sale price for a townhouse/condo was $977,661, up 30.1 percent from $751,524 in 2020.
In Milton, the average sale price for a home in February 2021 was $1,298,922, up 36.1 percent from $954,000 in 2020. The average sale price for a townhouse/condo was $811,560, up 22.1 percent from $664,637 in 2020.
Click here for the full report