Buyers and sellers really weren't sure what to expect. From the latest TREB statistics, what is evident is that purchasing a home in Oakville has become even more expensive. A typical house in our town is worth over $1.3 million.
For another month, residential sales across the GTA saw double-digit increases in both the volume of properties sold and the increase in value. Sellers sold 97% more properties during March 2021 than during March 2020, and over the same period, property values increased by 21.5% to $1,097,565 for an average residential property.
The staggering increase in unit sales in March 2021 compared to March 2020 can be partially attributed to the sluggish sales of real estate at the beginning of the COVID-19 pandemic and the first provincial-wide lockdown.
During March in Oakville, 849 properties were listed for sale, 608 properties sold, leaving 1.4 months of inventory. The typical residential property sold for $1.35 million. A sale took, on average, 15 days on the market (DOM) to sell a home. Limited inventory and strong demand resulted in multiple offers, which pushed prices 105% above the listed price.
Year-over-year home prices
An average residential property in Oakville is now going for $1,315,000, which has increased by 21.6% since March 2020. An average detached home price is $1,565,300, an increase of 23.4%. An attached home is $1,078,700, up 25.7%, a town-house will run you 24.3% more at $860,500, and a condominium apartment costs $568,800, up 12.4%.
Statistics for March 2021 Oakville residential real estate
| Type | Units Sold | Medium Price | % LP to SP | DOM |
|---|---|---|---|---|
| Detached | 359 | $1,675,000.00 | 104% | 12 |
| Semi-Detached | 23 | $1,130,000.00 | 114% | 5 |
| Link | 4 | $1,160,000.00 | 118% | 3 |
| Condo Apartement | 69 | $620,000.00 | 99% | 22 |
| Condo Town House | 49 | $690,000.00 | 108% | 9 |
| Freehold- Town House | 103 | $1,100,000.00 | 108% | 7 |
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 April 6, 2021, on Realtor.ca, here are the most affordable listings in Glen Abbey
- $524.9K for an apartment
- $799K for a townhouse
- $1.49M for a detached home
March has been the traditional beginning of the spring real estate season, and this year unlike last, the reality is born out by the statistics. Over 600 residential properties sold, many sold above the asking price.
Glen Abbey exemplifies what is happening right now, with only 18 properties available for sale. Buyers will have to put in clean offers unless they are willing to consider less desirable properties, such as those that need work.