Oakville, ON, October 5, 2023 – According to figures released October 5 by The Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales reported by OMDREB REALTORS® sales decreased 16.0 percent for Single Family homes and 19.6 percent for Townhouse/Condo homes. compared toSeptember 2022. Median Sales Price increased 3.1 percent to $1,402,500 for Single Family homes and 7.9 percent to $850,000 for Townhouse/Condo homes.
The total number of new property listings increased 26.9 percent for Single Family homes and 6.7 percent for Townhouse/Condo homes compared to this time last year.
For homes processed through the OMDREB MLS® system, the number of Days on Market increased 4.2 percent for Single Family homes but decreased 8.7 percent for Townhouse/Condo home properties in September 2023.
Year over year, Inventory increased 56.5 percent for Single Family homes and 14.3 percent for Townhouse/Condo homes.
“Sales in September declined slightly from a year ago, with prices coming in flat to slightly higher," says OMDREB President Hunter Obee.
"A large increase in new listings, coupled with higher borrowing costs, will likely put pressure on prices over the next few months. The demand we've seen over the past few years, powered by strong immigration to the area, is expected to return once buyers digest the new rate environment," continues Obee.
He adds, "Whether buying, selling, or renting, OMDREB REALTORS® can help navigate this rapidly changing environment. Don’t hesitate to contact a member today."
