January 2020 Market Report
Oakville, ON, February 5, 2020 – According to figures released February 5 by The Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales increased in January compared to the same period in 2019. Monthly property sales went up by 24, totaling 449 compared to 425 in January 2019.
The total number of new property listings saw a significant drop of 135 this year: 740 new listings in January 2020 compared to 875 in 2019.
“The real estate market continues to be driven by an excessive shortage of needed listings with reports of market segments returning to the days of multiple offers. The $500K to $1M segment in all of Halton is in great demand,” says OMDREB President Richard Weima.
“Mortgage stress test rates have dropped slightly for the first time in 3 years. Additionally, the mortgage stress test has driven more buyers to consider riskier private lending, with the slowest growth in 25 years for more traditional mortgage lending avenues,” Weima explains.
“All things considered, with current buyer and tenant demand there has seldom been a better time for selling, investing, or having a look at re-evaluating your real estate goals. While current conditions show selling in certain segments can be profitable, as long as you have a plan for where you'll live, you should buy or rent or what real estate you will be able to move into comfortably.”
The dollar volume of all property sales processed through the OMDREB MLS® system saw an increase of over $3 million compared to last year. The figures in January 2020 sat at $262,552,209 as opposed to $259,118,355 in January 2019.
Milton's average sale price for the month of January was $782,933, on par with January 2019 at $781,480. The average sale price in Oakville saw a change of only $60 compared to last year, with January 2020 at $1,129,287 and January 2019 at $1,129,327.
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