December 2019 Market Report
Oakville, ON, January 9, 2019 – According to figures released January 8 by The Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales increased in December compared to the same period in 2018. Monthly property sales went up by 35, totaling 362 compared to 327 in December 2018.
The total number of new property listings saw a slight drop by 20 this year: 358 new listings in December 2019 compared to 378 in 2018.
“In 2019, December unit sales finished stronger than 2018 for what is typically a month for slower sales activity. The latest year to date market stats are showing that Average Home Prices for the final month of 2019 continued trending with a modest rise of 2.41% in the Oakville area year over year, while Milton’s Average Home price rose a significant 5.33%.
Inventory in the more active, affordable segments of the market remains to have an impact on sale prices. Dollar volume also points to a strong finish for our 2019 market results,” says OMDREB President Richard Weima.
"There is a sense of optimism in the real estate community as we begin this new decade. Any tweaking of the current mortgage rules in the right direction by our Federal government, along with any help provincially, may result in a strong spring real estate market. It could bring more inventory and opportunity for Buyers and Sellers alike.”
The dollar volume of all property sales processed through the OMDREB MLS® system saw an increase of over $9.3 million compared to last year. The figures in December 2019 sat at $205,078,841 as opposed to $195,723,224 in December 2018.
Milton's average sale price for the month of December was $775,187, an increase of 5.33 percent compared to December 2018 at $735,946. The average sale price in Oakville was $1,191,094, up 2.41% from $1,163,066 compared to the same time in 2018.
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