Oakville, ON, January 6, 2022 – According to figures released January 6 by The Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales reported by OMDREB REALTORS® decreased 10.8 percent for Single Family homes and 34.8 percent for Townhouse/Condo homes compared to December 2021. Median Sales Price decreased 12.3 percent to $1,330,750 for Single Family homes and 15.5 percent to $716,000 for Townhouse/Condo homes.
The total number of new property listings increased 15.4 percent for Single Family homes but decreased 17.1 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 157.1 percent for Single Family homes and 218.2 percent for Townhouse/Condo homes in December 2022.
Year over year, Inventory increased 604.3 percent for Single Family homes and 488.4 percent for Townhouse/Condo homes.
“The end of the year saw home sales down significantly from 2021 across Oakville and Milton, continuing a trend of cautious buyers digesting higher interest rates and falling prices. There are several positive signs, however, as we enter a new year,” says OMDREB President Hunter Obee.
“The number of homes for sale has been reduced markedly from the summer, with inventory levels firmly at a Sellers Market level. Additionally, the Bank of Canada appears to be almost done raising rates, whichshould help put a floor under prices. Once the market has had time to digest the new pricing and rate environment, the lack of supply will come into focus – with record immigration and double-digit rent increases helping resume demand for homes in the area,” 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.”
