February 2020 Market Intelligence

Oakville

As I warned about in my previous communication to anyone who is planning on buying in Oakville this year or next, the average selling price rose FOUR PERCENT IN ONE MONTH.That’s $40,000 increase on a $1,000,000 property in one month. Demand is rising while supply is not. The number of sales are up to 179 compared to 153 last January while the months of supply has gone from 3.9 months (Balanced Market) all the way down to 2.2 months supply which is a hot seller’s market rife with multiple offers. 
 

Burlington

Burlington’s average sales price was up SEVEN PERCENT IN ONE MONTH!!! That’s $32,000 on a $788,000 house. Very little supply in Burlington at 1.9 months is the major reason for these rising prices.

Milton

Milton has been on fire forever, nothing new to report here, 1 month of supply will keep these prices high and rising for a long time. Approaching $800,000 in average sale price much like March of 2017 which was the highest we have ever seen. If anyone is waiting for the market to bottom out…they missed it.