January 2018 Market Report
Oakville, ON, Febuary 2, 2018 – According to figures released February 3rd by The Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales showed a slight decrease of 12.06 per cent in January compared to the same period in 2017. Monthly property sales totaled 401 compared to 456 in January 2017.
The number of new property listings saw an increase of 19.70 per cent, from 675 in January 2017 to 808 in 2018.
“The drop in sales was not unexpected, said Rick Kedzior 2018 President of OMDREB. In the Spring of 2017 we reached unprecedented sales levels“ The OFSI mandated mortgage stress test, which took affect January 1, mortgage rate increases and nasty January weather all contributed towards the drop in sales. We certainly don’t foresee these types of sales numbers throughout 2018 and we recognize that Oakville, Milton and District remains a destination for Buyers seeking a safe community to live and work.
The dollar volume of all property sales processed through the OMDREB MLS® system saw a decrease of 19.99 per cent in January 2018 to $218,493,391 from $273,076,232 in January 2017.
Oakville’s median residential sale price for the month of January was $858,000, a decrease of 13,20 per cent from $988,500 compared to January 2017. The median sale price in Milton was $635,000, an decrease of 4.53 per cent from $665,100 compared to the same time last year.
For the full release click here.