As we progress into 2021, it’s nothing short of fascinating to watch what’s happening in the real estate market.
Considering that February has a mere twenty-eight days and is normally the third slowest month of the year, the trend is particularly interesting.
Let’s take a look at what happened with home sales in Oakville and Milton during February.
Days on Market
Homes sold more quickly in February for both Oakville and Milton.
In Oakville, attached homes are now taking just 20 days to sell, on average, while detached homes are taking 17 days. When compared with January, we see that attached homes were taking 23 days to sell while detached were taking 21 days. In short, Oakville homes sold 3 and 4 days faster in February versus January, respectively.
In Milton the reduction in days on market is even more significant.
February numbers revealed that Milton attached homes sold in 6 days, on average, while detached homes sold in 16 days.
When comparing these numbers to January, we see a substantial increase in speed of sale as we get closer to the spring market. Attached homes in Milton sold in 14 days in January, on average, while detached homes sold in 20 days.
This means that attached homes in Milton, which includes semi-detached, townhouses and condos, sold 8 days faster in February than in January. Further, Milton detached properties took 4 days less to sell in February compared with January 2021.
Homes Listed for Sale
Despite the cold weather this past February, the number of homes listed for sale nonetheless saw a sizeable increase relative to February 2020.
Oakville saw an increase of 18.7% in detached homes listed for sale compared with February 2020, while attached properties increased by 37.4% compared to the same month last year.
Milton data was even more noteworthy. February detached home listings increased by 53.9% compared to February 2020, while attached dwelling listings grew by 152.4%.
Average Sale Price
February sales price data is in alignment with the other data we have seen so far. In short, prices continue to rise.
The average price for detached homes in Oakville in February 2021 increased by 20.7% when compared with February 2020. Attached home pricing fared even better, showing a 30.1% increase in average selling price.
In Milton, we see a similar trajectory. Detached properties in Milton rose by 36.1% on average compared to February of the prior year, while attached homes fetched 22.1% higher prices.
We also made note of the data comparing list price versus actual sale price. Oakville homes are securing between 102% and 108% of asking price, while Milton properties are fetching between 111% and 112% of list.
In summary, the market appears to be heating up for the season a little earlier than usual. The number of listings is increasing, prices are rising, and it’s taking less time to sell a home particularly in Milton with just 6 days on average for an attached property.
Moreover, with the average sales price coming in at over asking, homes in both regions are in very high demand.
How does this compare to what is happening in the GTA?
According to the Toronto Regional Real Estate Board (TRREB), similar trends are appearing here. Record home sales in the GTA continued in February as buyers remained confident in their employment situations and took advantage of ultra-low borrowing costs (TRREB, 2021).
TRREB further advised that with multiple buyers continuing to compete for many available listings, double-digit annual price growth was the norm throughout the GTA, with stronger rates of growth in the suburbs surrounding the City of Toronto.
Have you reached a house shopping plateau? Check out this article for some ideas on next steps.***
Oakville & Milton District Real Estate Board (2021). February 2021 – Monthly Statistics.
Toronto Regional Real Estate Board (2021). Market Watch February 2021.Subscribe to Monthly Newsletter
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