The price of a typical home became a little more affordable since March 2021 as they dropped $50,000 to $1.265 million in April. But buyers should expect to be in bidding wars, as available inventory dropped to 1.3 months, and properties sell for 104% of the listed price.
For another month, residential sales across the GTA saw property owners selling 360% more properties during April 2021 than during April 2020; however, in April 2020, we were in the first COVID-19 pandemic lockdown. A better comparison would be to look to April 2019, when 9,042 properties sold, which translates to a 50% increase in unit sales.
Property values from April 2019 to April 2020 recorded no value increase. Still, the average property price increased by 33% from April 2020 to April 2021 to $1,090,922, down slightly from March's $1,097,565 for an average residential property.
"While sales remained very strong last month, many REALTORS® noted a marked slowing in both the number of transactions and the number of new listings," said TRREB President Lisa Patel. "It makes sense that we had a pullback in market activity compared to March."
"We’ve experienced a torrid pace of home sales since the summer of 2020 while seeing little in the way of population growth. We may be starting to exhaust the pool of potential buyers within the existing GTA population. Over the long term, sustained growth in sales requires sustained growth in population."
During April in Oakville, sellers listed 739 properties and sold 523 properties sold, leaving 1.3 months of inventory down 0.1 from March 2021. The typical residential property sold for $1.265 million, down from $1.315 million in March 2021. A sale took, on average, two weeks. Limited inventory and strong demand resulted in multiple offers, which pushed prices 104% above the listed price.
Year-over-year home prices
An average residential property in Oakville is now going for $1.34 million, which has increased by 24% since April 2020. An average detached home price is $1.593 million, an increase of 26.65%. An attached home is $1.099 million up 27.57%, a townhouse will run you 23.62% more at $860,500, and a condominium apartment costs $592,500 - up 14.57%.
"The number of listings and home sales in Oakville continued to rise once again throughout April, beating out March’s previous records. As expected, averages prices also followed the same trend," says OMDREB President Lynn Hoffmann.
"The one thing that is still apparent - and not inflated - is the lack of inventory, which has yet again fallen since this time last year," explained Hoffman.
Statistics for April 2021 Oakville residential real estate
DOM - total days a property is for sale; % LP to SP - the percentage difference between the list price and the sold price.
Current Listings
As of May 10, 2021, on Realtor.ca, here are the most affordable listings in Old Oakville
- $585,000 for one bed, one bath apartment at Old Mill
- No townhouses are currently listed for sale
- $2.299 million for a new build on Reynolds with four bedrooms and five bathrooms
It is highly unusual for Old Oakville not to have at least one townhouse for sale, indicative of what is happening across town as available inventory declines for a second month.
April is typically one of the busiest months for residential real estate, which was true for Oakville.
