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The Oakville Real Estate market has started to pick up over the last few weeks. Mostly due to the easing of restrictions in our region. Sales and listings are still below 2019 levels, but the market is experiencing a recent surge in activity, and there have been a lot of multiple offer situations arising from the pent-up demand over the last 3 months. Contrary to what the National media is reporting, Oakville is experiencing steady prices, and in some cases, price increases. The next few months will most likely remain strong resulting in a delayed spring market which will carry throughout most of the summer.
Below you will find the May 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. Click Here for the most up-to-date information about what is open and closed in Oakville.
While the effects of COVID-19 in the broader economy continue, real estate activity is beginning to recover. Showing activity tracked by Showing Time across Alberta, Ontario, and Nova Scotia was up substantially in May from their levels in April. While showing activity is still tracking behind May 2019 levels, the sharp increase in buyer activity this month creates optimism for sales activity in the coming months.
New Listings decreased 57.5 percent for Single Family homes and 60.1 percent for Townhouse/Condo homes. Sales decreased 56.2 percent for Single Family homes and 60.0 percent for Townhouse/Condo homes. Inventory decreased 43.2 percent for Single Family homes and 58.4 percent for Townhouse/Condo homes.
Median Sales Price increased 6.4 percent to $1,297,000 for Single Family homes and 19.4 percent to $800,000 for Townhouse/Condo homes. Days on Market increased 29.6 percent for Single Family homes but decreased 3.2 percent for Townhouse/Condo homes. Months Supply of Inventory decreased 39.6 percent for Single Family homes and 52.0 percent for Townhouse/Condo homes.
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