February 2019 Market Report
Oakville, ON, February 1, 2019 – According to figures released March 1st by The Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales rose significantly in February compared to the same period in 2018. Monthly property sales totaled 543 compared to 462 in February 2018.
The total number of new property listings saw a decline this year. 842 new listings in February 2019 compared to 979 in 2018.
"Total overall sales are up but listings are down compared to last year at this time, and there are a number of possible reasons for this," states OMDREB President Oliver Matas. "Firstly, with the harsh winter that we have had so far, Sellers may simply be holding off until early spring to list their home. There are also no more ‘2017-type market prices’. The lure of the attractive post-2017 prices in February 2018 and the prospect of getting multiple offers above asking could have Sellers thinking that may not happen now. This can dissuade some from listing. Finally, the mortgage stress test may be having an overall effect."
The dollar volume of all property sales processed through the OMDREB MLS® system saw a drastic decrease of over $80.5 million compared to last year. The figures in February 2019 sat at $266,908,971 as opposed to $347,492,415 in February 2018.
"People can sell their homes reasonably at this time, receive multiple offers, and even sell for above asking price. As noted by the higher sales numbers, Buyers are still looking despite the constraints of the mortgage stress test," states Matas.
"Compared to February 2018, the Months of Inventory/Supply has decreased from 2.12 months compared to the current 1.55 months. A balanced market is considered to be 4-6 months of Inventory/Supply. We are definitely in a Sellers market."
"Overall, the market is strong, full of Buyers, and it is a great time to put your home up for sale. My recommendation is to list now before there is more competition with those who wait until spring to do so," says Matas.
Milton’s average sale price for the month of February was $763,638, a slight increase of 1.75 percent compared to February 2018 at $750,495. The average sale price in Oakville was $1,043,847, down 6.68 percent from $1,118,550 compared to the same time in 2018.
Click here for the full report