Now that the first month of the year is behind us, we can evaluate how 2021 is starting to look. January numbers were released last week for Oakville and Milton, and the results are impressive.
Let’s take a look at some of the key performance indicators for the past month.
Overall, the powerful trend of active home sales in Oakville continues.
In the category comprising attached properties (semis, townhomes and condos), January exhibited a remarkable 73% increase in the number of homes listed for sale in Oakville. In this group, 116 homes were listed last month as compared with just 67 properties during the same time last year.
We did see a slight decrease in the number of single family detached houses listed for sale: 166 in January 2021 versus 183 in 2020, a drop of 9.3%.
However, in combination January revealed an average increase of 13% for Oakville in terms of all homes listed for sale.
At the same time, Oakville houses are selling more quickly than 2020. Single family detached homes sold in just 21 days last month compared with 39 days during January of last year, a full 18 days faster.
The attached homes group also showed a drop in days on market, with these home styles selling in 23 days compared with a 30-day sale time in January 2020.
The average sale price in Oakville also jumped dramatically for detached homes. Last January, the average sales price for a detached home in Oakville was $1.3M. In January 2021, the average price soared to $2.17M, an increase of 67.4%.
Attached homes in Oakville also saw noticeable growth in average sales price, with a lift from $747K in January 2020 to $813K in January of this year.
The upward trend of Oakville home sales in January is further validated by the fact that homes last month sold for 100% of list price, on average, compared with 97.7% of list price in January 2020.
Milton sales in January showed an equally positive trend.
Single family detached homes listed for sale surged by 48.6% in Milton, while attached homes gained 86.9%. Combined, the number of homes listed for sale in January 2021 rose by 63% compared to January of last year.
Milton properties not only sold more quickly last month than January 2020, but they are selling even faster than Oakville. Both detached and attached homes took 3 days less to sell than last year, taking 20 days for detached homes to sell and 14 days for attached.
Escalating sale prices were further evidence of Milton’s activity in January. The average sale price for a detached home in January 2020 was $901K. In January 2021, this number rose to a whopping $1.2M, an increase of 33%.
Attached homes also saw a noticeable increase in average sales price, rising from $606K to $736K when comparing month over month.
Also striking was the fact that properties are selling over asking price in both categories, in Milton. Detached homes in January 2021 sold for 105% of asking price compared with 100% in January 2020.
Attached homes fared even better, securing 109% of asking price or a full 9% over list.
In general, when comparing January 2021 versus 2020, both Oakville and Milton are continuing the upward trend across many key metrics.
More homes are selling, the speed of sale is intensifying, and sellers are achieving equal to or more than asking price in both regions.
Further, the sale of attached homes is pacing more quickly than that of detached properties in both Oakville and Milton.
Reference: The Oakville, Milton & District Real Estate Board (2021). Market Watch. Oakville January 2021. Milton January 2021.
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