June 2023 Market Report
Oakville, ON, July 6, 2023 – According to figures released July 6 by The Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales reported by OMDREB REALTORS® increased 20.1 percent for Single Family homes and 8.3 percent for Townhouse/Condo homes compared to June 2022. Median Sales Price increased 2.4 percent to $1,415,500 for Single Family homes but remained flat for Townhouse/Condo homes.
The total number of new property listings decreased 13.4 percent for Single Family homes and 18.5 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 6.3 percent for Single Family homes but increased 6.7 percent for Townhouse/Condo homes properties in June 2023.
Year over year, Inventory increased 9.1 percent for Single Family homes and 5.6 percent for Townhouse/Condo homes.
"June home sales and prices were up strongly over 2022, with values buoyed by a lack of supply across all home types. The Bank of Canada's rate hike may have taken some of the enthusiasm from the market, as there was a small dip from May prices," says OMDREB President Hunter Obee.
"Demand appeared to be robust, with some buyers, however, unable to find a suitable home due to the sharp reduction in supply," 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."
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