Oakville, ON, May 9, 2023 – According to figures released May 9 by The Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales reported by OMDREB REALTORS® increased 1.8 percent for Single Family homes but decreased 2.9 percent for Townhouse/Condo homes compared to April 2022. Median Sales Price decreased 11.8 percent to $1,455,000 for Single Family homes and 7.0 percent to $846,000 for Townhouse/Condo homes.
The total number of new property listings decreased 39.7 percent for Single Family homes and 44.5 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 66.7 percent for Single Family homes and 144.4 percent for Townhouse/Condo homes in April 2023.
Year over year, Inventory increased 46.7 percent for Single Family homes and 761.5 percent for Townhouse/Condo homes.
“April sales continued the theme we have seen for the past few months. Prices have stabilized as interest rates have stopped rising, and sales numbers are lower than average but appear to be on the uptick.” says OMDREB President Hunter Obee.
"Overall, prices are still measurably higher than in 2021, continuing the long-term strength in the real estate market," 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."