Oakville, ON, August 8, 2023 – According to ?gures released August 8 by The Oakville, Milton and District RealEstate Board (OMDREB), the number of all property sales reported by OMDREB REALTORS® Sales decreased 9.4 percent for Single Family homes but increased 22.4 percent for Townhouse/Condo homes compared to July 2023. Median Sales Price increased 2.9 percent to $1,400,000 for Single Family homes and 4.5 percent to $862,500 for Townhouse/Condo homes.
The total number of new property listings decreased 10.4 percent for Single Family homes and 7.9
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 26.1 percent for Single Family homes and 12.5 percent for Townhouse/Condo home properties in July 2023.
Year over year, Inventory increased 19.0 percent for Single Family homes but
remained flat for Townhouse/Condo homes.
"Overall sales in July were in line with last year, although there was a shift to lower-priced townhouses and condominiums, indicating that perhaps affordability was becoming an issue due to the rise in interest rates," says OMDREB President Hunter Obee.
"Some of the frothiness experienced in the spring has disappeared, but inventory levels remain well below historical averages, helping to create a balanced market in spite of the lower sales numbers," continues Obee.
He adds, "Whether buying, selling, or renting, OMDREB REALTORS® can help navigate this rapidly changing environment. Don’t hesitate to contact a member today."
