Oakville, ON, April 9, 2021 – According to figures released April 8 by The Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales increased in March compared to the same period in 2020. Monthly property sales went up significantly by 453, totalling 990 compared to 537 in March 2020.
The total number of new property listings also saw an increase of 396 this year: 1331 new listings in March 2021 compared to 935 in 2020.
"As we begin to wrap up the first quarter of 2021, we continue to see robust growth of the housing sector within Oakville, Milton, and beyond. While the market activity this year remains indicative of Buyer and Seller confidence, there is still an apparent lack of inventory that has yet to give way," says OMDREB President Lynn Hoffmann.
"The need for affordable housing and an increase in housing supply as a whole should be top of mind for our municipal, provincial, and federal governments. We must be able to accommodate demand now and in the future. Without a meaningful increase in supply, sales growth will continue to trump listing growth, and we expect to see the rise in average prices continue," Hoffmann reiterates.
For homes processed through the OMDREB MLS® system, the number of days on market until sale dropped 53.5 percent in March 2021, sitting at just 13 days compared to 28 in March 2020. For townhomes and condos, days on market also dropped 33.3 percent at 16 this year compared to 24 in March 2020.
In Oakville, the average sale price for a home in March 2021 was $1,941,408, up 37.1 percent from $1,415,778 in 2020. The average sale price for a townhouse/condo was $1,033,385, up 40.6 percent from $734,865 in 2020.
In Milton, the average sale price for a home in March 2021 was $1,277,524, up 30.9 percent from $975,961 in 2020. The average sale price for a townhouse/condo was $756,793, up 11.2 percent from $680,641 in 2020.
