March 2020 Market Report
Oakville, ON, April 7, 2020 – According to figures released April 7 by The Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales increased slightly in March compared to the same period in 2019. Monthly property sales went up by 20, totaling 670 compared to 650 in March 2019.
The total number of new property listings dropped marginally this year: 1,118 new listings in March 2020 compared to 1,220 in 2019.
“As in the previous months, the first quarter of the year continued to demonstrate robust real estate market activity with overall monthly statistics reflecting the tale of two halves in the month of March 2020. In the first few weeks, our March marketplace continued to break the previous year’s record numbers in sales activity. However, following the COVID-19 emergency declaration, with the restraint on REALTOR® and client person-to-person activity, this sudden change has dramatically altered sales activity during the last half of the month,” explains OMDREB President Richard Weima.
“This will have a profound effect going forward as we must all adapt to alternative means to conduct real estate business, while still meeting the needs of our Buyer and Seller clients.” says Weima. “Market values, now and hopefully for the short term in the post-COVID environment, will bear a significant impact as the real estate world adapts to the temporary reality of limiting personal showings and a halt to public open houses since emergency measures were announced in mid-March.”
The dollar volume of all property sales processed through the OMDREB MLS® system saw a jump of over $73 million compared to last year. The figures in March 2020 sat at $508,552,758 as opposed to $435,177,245 in March 2019.
Milton's average sale price for the month of March was $870,886, a substantial increase of 23.89 percent over March 2019 at $702,973. The average sale price in Oakville was nearly on par compared to last year, sitting at a difference of 1.13 percent with March 2020 at $1,184,363 and March 2019 at $1,171,175.
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