Oakville, ON, February 7, 2023 – 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 29.7 percent for Single Family homes and 23.1 percent for Townhouse/Condo homes compared to January 2022. Median Sales Price decreased 26.7 percent to $1,250,000 for Single Family homes and 26.7 percent to $715,000 for Townhouse/Condo homes.
The total number of new property listings increased 18.5 percent for Single Family homes and 21.0 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 increased 163.6 percent for Single Family homes and 277.8 percent for Townhouse/Condo homes in January 2023.
Year over year, Inventory increased 566.7 percent for Single Family homes and 533.3 percent for Townhouse/Condo homes.
"January sales statistics continue the trend of a return to a balanced market," says OMDREB President Hunter Obee.
"While the number of sales and home sale prices dropped compared with last year, 2022 was an outlier - the stats for 2023 are in line with historic averages for the month. Fixed interest rates have started to decline, bringing buyers off the sidelines and setting up for a busy spring market. Inventory levels remain low, so any increase in demand may put upward pressure on pricing," continues Obee.
He adds, "Whether buying, selling or renting, OMDREB REALTORS® are knowledgeable and can assist you in navigating a challenging market. Don't hesitate to contact a member today."
