December 2023 Market Report
Oakville, ON, January 5, 2024 – According to figures released January 5 by The Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales reported by OMDREB REALTORS® sales increased 7.0 percent for Single Family homes but decreased 7.3 percent for Townhouse/Condo homes compared to December 2022. Median Sales Price decreased 4.2 percent to $1,270,000 for Single Family homes but increased 9.4 percent to $790,000 for Townhouse/Condo homes. The total number of new property listings decreased 39.7 percent for Single Family homes and 15.5 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 10.8 percent for Single Family home and 8.3 percent for Townhouse/Condo home properties in December 2023.
Year over year, Inventory increased 42.9 percent for Single Family homes and 28.6 percent for Townhouse/Condo homes.
“There has been much talk about this year’s market being the worst we’ve seen in decades, but OMDREB REALTORS® continued to meet the needs of their clients at a steady pace despite the supposed slowdown,” says OMDREB President Anthony Danko.
“While higher borrowing costs continue to impact potential buyers and cause many current homeowners to put their selling plans on hold, as we rounded out 2023, home sales remained mostly stable in Oakville and Milton. Sales fell slightly from November, but year over year there was only a 7 percent decrease for townhomes and condos, offset by a 7 percent increase for single family homes in OMDREB’s trade areas. This speaks to the sentiment that communities within the Halton Region remain some of the most desirable places to live in the Greater Toronto Area. And with the Bank of Canada projected to cut interest rates in 2024, we may see average prices soften, leading to more buyers who may have been on the fence finally jumping into the market,” continues Danko.
He adds, "Whether buying, selling, or renting, OMDREB REALTORS® can help navigate this rapidly changing environment. Don’t hesitate to contact a member today."
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