Are you wondering which neighbourhoods are the most competitive amongst homebuyers?
Today we have some answers.
Using March 2021 year-to-date numbers from the Oakville & Milton District Real Estate Board, this article reviews the top 5 most compelling districts in these two very popular suburbs.
Oakville
#1: WESTMOUNT
With an average sale price of $1.34M and just 7 days on market, this neighbourhood in Oakville comes in first place for the most amount of money paid over asking price. In this neighbourhood, the average sale to list ratio came in at 119.25%. This means that the average home in this neighbourhood sold for 19.25% over list price.
#2: WEST OAK TRAILS
Coming in second place and boasting an average sale price of $1.23M, homes in West Oak Trails sold in 6 days and at 116.54% of list price, on average.
#3: GLEN ABBEY
While this district of Oakville trails at a mere third place on the list, the average sale price of $1.55M for homes will appeal to a slightly smaller audience than other, more affordable areas. Selling in 12 days on average, houses in Glen Abbey are fetching 113% of list price.
#4: PALERMO WEST
Falling between West Oak Trails and Glen Abbey on the pricing scale with homes selling for an average of $1.42M, houses are being sold here for 112.85% of listing price.
#5: CLEARVIEW
This Oakville neighbourhood boasts the highest average sale price among those on this list at an average of $1.65M. With homes selling in just 4 days and at 111% of list price, buyers will find this a very competitive area to buy a home.
Milton
#1: WILLMONT
With an average sale price of $1.1M and homes selling in an average of just 4 days, Willmont is the number one most competitive district in Milton. Homes here are selling at 114% of asking price.
#2 & #3: DORSET PARK & BEATY
Tied for 2nd place are Dorset Park and Beaty. In Dorset Park, the average sale price of a home is $955,000. Similar to Willmont, homes in Dorset park are selling in just 4 days.
In the neighbourhood of Beaty, houses are fetching slightly more, at an average of $1M sale price, and again homes are staying on market in Beaty for just 4 days. Properties in both Dorset Park and Beaty are selling at 113% of listed price.
#4: COATES
In Coates, the average sale price of a home is closer to $1.1M, so slightly more expensive than Beaty, and the average days on market here is one day longer than the other districts at 5 days. Coming in slightly lower than the other neighbourhoods, Coates brings in 112.5% of asking price.
#5: FORD
Bringing up the rear is the neighbourhood of Ford, in Milton. Here, homes are selling for an average of $1.1M and are selling in 4 days at a sale price of 111%.***
Reference: Oakville & Milton District Real Estate Board (OMDREB)(2021). Residential Activity Year To Date, Halton.
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