The spring real estate market is arguably the most opportune time to sell a home. By beating the summer rush a homeowner can take advantage of standing out in the market since the inventory is low. With the low supply of homes on the market and the increasingly high demand Oakville is experiencing, homes are selling well above the asking price as multiple offers are becoming quite common in today’s market place.
According to the Oakville and Milton Real Estate Board, Oakville experienced a 5% increase in the total number of detached homes sold from February 2015. Semi-detached and town homes sales are up 26%, and condo sales are up by a 30% when compared to February 2015.
The percentage of detached homes sold at or above the $1,000,000 mark fell by 4.5% from last month, meaning that mid-range priced homes have gained market share entering into the spring market. Detached homes sold between $800,000 to $1,000,000 rose by 2.66% to 29.56% of the total monthly sales in Oakville, while between $600,000 to $800,000 segment stayed constant at 29.6%, and homes selling between $400,000 to $600,000 rose by almost 2% from February 2015.
The average price of homes sold in March dropped 4.9% from last month to $823,064. With homes under $1,000,000 gaining a considerable amount of the market share in Oakville during March, home owners thinking of selling should list their homes before the summer months. Inventory will most likely become available increasing the supply while demand will stay constant; therefore bringing the average sale price of mid-ranged homes down slightly.
Spring is known as the best time to sell your home and this spring is no different. To better understand current market trends and pricing strategies in your neighbourhood contact your local Realtor for expert advice.