Oakville, ON, February 7, 2022 – According to figures released February 7 by The Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales reported by OMDREB REALTORS® decreased 24.3 percent for Single Family homes and 16.6 percent for Townhouse/Condo homes compared to January 2021. The Median Sales Price increased 25.2 percent to $1,721,101 for Single Family homes and 42.1 percent to $975,000 for Townhouse/Condo homes.
The total number of new property listings decreased 15.6 percent for Single Family homes and 9.8 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 decreased 47.6 percent for Single Family homes and 50.0 percent for Townhouse/Condo homes in January 2022.
Year over year, Months Supply of Inventory also decreased 50.0 percent for Single Family homes and 40.0 percent for Townhouse/Condo homes.
“As we head into 2022, the supply of listings in OMDREB’s trade areas remains a perpetual issue, encouraging strong competition between buyers and double-digit growth in selling prices. This is something we’ve witnessed throughout the entirety of last year, and it comes as no surprise that it was expected to continue in January of 2022,” says OMDREB President Vishal Kapoor.
“The average sale price of a home in Milton did not hit the high levels experienced in Oakville but trends are showing that the gap is slowly closing, and that poses a significant problem. OMDREB continues to advocate for alleviation of the lack of inventory and housing choice. Understanding that the market will be tough to navigate for the foreseeable future, I encourage those who are willing to test the waters in Oakville, Milton, and Halton Hills to contact an OMDREB REALTOR® to help them,” adds Kapoor.
