Oakville, ON, March 1, 2019 – According to figures released March 1st by The Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales dropped significantly in March compared to the same period in 2018. Monthly property sales totalled 612 compared to 748 in March 2018.
The total number of new property listings also saw a decline this year. 1,204 new listings in March 2019 compared to 1,286 in 2018.
"The number of sales are down and listings are down compared to March of last year. March was still a cold month and likely many Sellers during this time were preparing to list their home in the springtime. The mortgage stress test is still having an impact as well by reducing the Buyer Pool," says OMDREB President Oliver Matas. "We've seen average home prices increase year over year, but they have yet to reach the prices of Spring 2017. Because of this, many Sellers have a reduced incentive to list," states Matas.
The dollar volume of all property sales processed through the OMDREB MLS® system saw a drastic decrease of over $87 million compared to last year. The figures in March 2019 sat at $405,963,410 as opposed to $492,975,567 in March 2018.
Milton's average sale price for the month of March was $711,858, a slight increase of 0.25 percent compared to March 2018 at $710,087. The average sale price in Oakville was $1,155,338, up 4.64 percent from $1,104,071 compared to the same time in 2018.
