Hot Real Estate Market To Start The New Year
- Overall residential sales were 18% higher than the same month last year, with freehold sales 12% higher than January of 2016 and an increase of 50.5% in the condominium market.
- The average price of freehold properties showed an increase of 14.2% while the average sale price in the condominium market increased by 27.7%
- The average number of days on market decreased from 49 to 31 days in the freehold market and from 50 to 28 days in the condominium market.
“With the sales-to-listing ratio at 83% in the residential market, the average days on market down to 31 days at this time of year and only a little over a month of residential listing inventory, this hot seller’s market just keeps rolling on. We keep stressing the importance of using a REALTOR® at any time, but now, in this market, it’s especially important to use a professional who can help buyers and sellers achieve the best results in the purchase or sale of their home. A reduced average number of days on the market does not necessarily mean it is easier to sell properties.” - George O’Neill, RAHB CEO.
According to figures released February 2 by The Oakville, Milton and District Real Estate Board, the number of all property sales increased by 3.36% in January compared to the same period in 2016.
- Overall the number of new property listings in Oakville saw a decrease of 2.8%
- Although number of listings decreased, the average price of residential Oakville properties showed an increase of 14.36%
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