August 2022 Market Report
Oakville, ON, September 9, 2022 – According to figures released September 9 by The Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales reported by OMDREB REALTORS® decreased 16.6 percent for Single Family homes and 25.2 percent for Townhouse/Condo homes compared to August 2021. The Median Sales Price decreased 9.4 percent to $1,250,000 for Single Family homes and 4.3 percent to $785,000 for Townhouse/Condo homes.
The total number of new property listings increased 33.8 percent for Single Family homes and 16.8 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 100.0 percent for Single Family homes and 85.7 percent for Townhouse/Condo homes in August 2022.
Year over year, Inventory increased 240.4 percent for Single Family homes and 193.1 percent for Townhouse/Condo homes.
“Like almost every other market in the Greater Golden Horseshoe, sales activity remained below typical levels for this time of year in August. Summer months are typically slow for sales, but the rising interest rates are certainly having a greater impact. We’re in the middle of a transition where some buyers have momentarily stepped out of the market to reassess their positions while others are still negotiating with sellers to meet within the limits of their revised affordability,” says OMDREB President Vishal Kapoor.
“Although they are still subdued by historical standards, overall supply levels have risen sharply from their record lows at the beginning of the year. Month over month we have continued to see this rising supply trend, which is expected to carry on with more interest rate hikes,” continues Kapoor.
He adds, “Determining the right price and conditions when buying or selling a property can be challenging. Local OMDREB REALTORS® have the experience, knowledge, and tools to help buyers and sellers make those big decisions.”
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