As we have come through a tumultuous year and reflect on market performance, it’s safe to say it was an unusual year, although, quite robust for the real estate industry as a whole. This is especially evident as we examine the numbers in Q4 2020.
A few main points to highlight:
- There is a lot of pressure on price due to lack of inventory and very strong demand. It’s that relationship between supply and demand that you hear me talk about often.
- The December Market Stats chart demonstrate this price pressure quite well.
- The second chart is a price segment chart showing the differences in the market based on price points.
- The third chart is a summary of the 2020 sales in Oakville.
We’ve seen a tremendous increase in prices as we moved towards to the end of the year with average prices in Q4 2020 vs Q4 2019 being 22.5% higher for freehold/detached inventory and 16.5% for condos in Oakville. This demand coupled with ultra-low levels of inventory has already increased the prevalence of multiple offer situations in the early weeks of 2021.
If you’d like to learn more about current market specifics, detailed statistics on the other markets we serve; Mississauga, Burlington and Milton and evaluations of market potential, reach out to Murray directly.
To watch Murray’s market review, click the video below.