July 2021 Market Report
Oakville, ON, August 5, 2021 – According to figures released August 5 by The Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales reported by OMDREB REALTORS® decreased in July compared to the same period in 2020. Monthly property sales were down by 289, totalling 609 compared to 898 in July 2020.
The total number of new property listings also saw a decrease of 484 this year: 688 new listings in July 2021 compared to 1,172 in 2020.
For homes processed through the OMDREB MLS® system, the number of days on market until sale dropped 45.5 percent in July 2021, sitting at just 12 days compared to 22 in July 2020. For townhomes and condos, days on market also dropped over 29 percent at 12 this year compared to 17 in July 2020.
“The demand for homeownership in Oakville, Milton, and Halton Hills evidently remains strong, as we see the days on market of homes for sale decrease. Although home sales and average prices in the Halton Region are slowly beginning to trend to a more normalized pattern, our facts and figures still point to a strong seller’s market which is expected to continue,” says OMDREB President Lynn Hoffmann.
“With the long documented absence of additional inventory available for purchase, market conditions for first time buyers, newcomers to the area, or those looking to invest are still extremely tight. OMDREB remains steadfast in its approach to advocate for new and affordable supply by working with other industry associations and all levels of government,” continues Hoffmann.
In Oakville, the average sale price for a home in July 2021 was $1,993,082 , up 28 percent from $1,556,731 in 2020. The average sale price for a townhouse/condo was $851,237, up 9.7 percent from $776,217 in 2020.
In Milton, the average sale price for a home in July 2021 was $1,365,032 , up 31.8 percent from $1,035,887 in 2020. The average sale price for a townhouse/condo was $791,162, up 16.8 percent from $677,561 in 2020.
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