July 2019 Market Report
Oakville, ON, August 1, 2019 – According to figures released August 1 by The Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales decreased in July compared to the same period in 2018. Monthly property sales dropped slightly by 10, totaling 691 compared to 701 in July 2018.
The total number of new property listings also saw a drop by 104 this year: 1,023 new listings in July 2019 compared to 1,127 in 2018.
"Now that we are in the middle of summer, I am finding that the market has remained relatively stable," says OMDREB President Oliver Matas. "We are still largely in a Seller's market where despite the constraints of the Mortgage Stress Test - which has been recently reduced from 5.34% to 5.19% - the number of sales has not significantly dropped off. The good news for Sellers is that prices keep inching upward. For Buyers, investing now will create wealth in the long run," proclaims Matas. "Looking into the Fall, we expect the market to remain stable."
The dollar volume of all property sales processed through the OMDREB MLS® system sawa drastic increase of nearly $38 million compared to last year. The figures in July 2019 sat at $474,736,797 as opposed to $436,854,724 in July 2018.
Milton's average sale price for the month of July was $768,110, an increase of 10.08 percent compared to July 2018 at $697,786. The average sale price in Oakville was $1,150,085, up 6.66 percent from $1,078,305 compared to the same time in 2018.
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