Oakville Market Update - June 2020

We hope this message finds you thriving to the best of your ability during this unprecedented time. While much of the country was working on a phased reopening of the economy in June, real estate activity continued to strengthen as well. Showing activity tracked by ShowingTime across Ontario, Alberta and Nova Scotia are now up substantially not only from their May 2020 levels, but from June 2019 levels as well, reflecting pent-up demand by prospective home buyers. Summer is the new spring Real Estate Market!

Below you will find the June 2020 market statistics for Oakville. We are dedicated to providing you with the most up to date information on the market, especially with sales information through the COVID-19 crisis.

New Listings decreased 8.3 percent for Single Family homes but increased 20.3 percent for Townhouse/Condo homes. Sales increased 12.1 percent for Single Family homes but decreased 21.9 percent for Townhouse/Condo homes. Inventory decreased 35.7 percent for Single Family homes and 23.5 percent for Townhouse/Condo homes.

Median Sales Price increased 7.8 percent to $1,380,000 for Single Family homes and 9.9 percent to $760,200 for Townhouse/Condo homes. Days on Market remained flat for Single Family homes but decreased 24.0 percent for Townhouse/Condo properties. Months Supply of Inventory decreased 31.9 percent for Single Family homes and 4.8 percent for Townhouse/Condo homes.

While buyer activity continues to be robust, seller activity continues to be a bit softer, with fewer homes being listed for sale in June than a year ago. Many housing experts believe sellers remain reluctant to list their homes due to continued concerns over COVID-19. Until sellers regain confidence, housing inventory will continue to be constrained during what is expected to be an active summer selling season.

We would love to provide you with a neighbourhood market update for your area!

Contact us today for your neighbourhood report.

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