February 2020 Market Report
Oakville, ON, March 5, 2020 – According to figures released March 5 by The Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales increased drastically in February compared to the same period in 2019. Monthly property sales went up by 154, totaling 639 compared to 485 in February 2019.
The total number of new property listings also saw a significant increase this year: 925 new listings in February 2020 compared to 847 in 2019.
“The extraordinary record breaking results reported here in our real estate marketplace reflects a tremendous surge in property sales and dollar volume. Buyers signaling an earlier start to the spring market with strong, robust sales activity. Luxury infill and detached homes sales in Oakville fared very well when viewing the $1M plus to $2.5M sale price ranges” noted Board President Richard Weima.
“Buyers moved on this more readily available segment of the market, all which bodes well for the dream of home ownership. Just two months in, with reduced interest rates and recently revised mortgage rules, our local real estate market continues to show signs of buyer confidence, driving home construction and real estate investment.”
The dollar volume of all property sales processed through the OMDREB MLS® system saw a substantial jump of over $236 million compared to last year. The figures in February 2020 sat at $516,396,599 as opposed to $279,882,907 in February 2019.
Milton's average sale price for the month of February was $837,780, an increase of 9.15 percent over February 2019 at $767,526. The average sale price in Oakville saw a large jump of 29.48 percent compared to last year, with February 2020 at $1,334,026 and February 2019 at $1,030,288.
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