January 2021 Market Report
Oakville, ON, February 4, 2020 – According to figures released February 4 by The Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales increased slightly in January compared to the same period in 2020. Monthly property sales went up by 41, totalling 346 compared to 305 in January 2020.
The total number of new property listings saw a decrease of 86 this year: 430 new listings in January 2021 compared to 516 in 2020.
"As we wrap up the first month of 2021, we are able to better gauge how the GTA real estate market was directly effected by the imposed stay at home orders put in place right after Christmas. We see the impact immediately based on the number of listings dropping in Oakville, Milton, and Halton Hills, but perhaps the more telling figure is the number of sales. Anything that is listed will sell very quickly, shown by the increased sales figures coupled with the amount of time spent on the market" explains OMDREB President Lynn Hoffmann.
"The lack of inventory in our market is also largely impacting average sale prices, which is something that will need to be addressed in the future. It is important to note that in Oakville specifically, there were some specific high-priced listings that sold which drove up the figures drastically to over 67 percent. When looking at the statistics, please keep this in mind. While prices are up overall, expect to see a decrease in the Oakville figures moving forward now that those properties are off the market," continues Hoffmann.
For homes processed through the OMDREB MLS® system, the days on market until sale dropped over 48 percent in January 2021, sitting at just 18 days compared to 35 in January 2020. For townhomes and condos, days on market also dropped over 14 percent at 24 this year compared to 28 in January 2020.
In Oakville, the average sale price for a home in January 2021 was $2,170,656, up 67.4 percent from $1,296,635 in 2020. The average sale price for a townhouse/condo was $813,471, up 33.1 percent from $747,765 in 2020.
In Milton, the average sale price for a home in January 2021 was $1,200,536, up 33.1 percent from $901,756 in 2020. The average sale price for a townhouse/condo was $736,026, up 21.4 percent from $606,474 in 2020.
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