Oakville, ON, April 11, 2022 – According to figures released April 11 by The Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales reported by OMDREB REALTORS® decreased 33.5 percent for Single Family homes and 22.3 percent for Townhouse/Condo homes compared to March 2021. The Median Sales Price increased 21.9 percent to $1,670,000 for Single Family homes and 25.4 percent to $999,850 for Townhouse/Condo homes.
The total number of new property listings decreased 6.3 percent for Single Family homes and 0.9 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 18.2 percent for Single Family homes and 20.0 percent for Townhouse/Condo homes in March 2022.
Year over year, Months Supply of Inventory increased 25.0 percent for Single Family homes and 12.5 percent for Townhouse/Condo homes.
“For the month of March, market conditions remained tight but we’re seeing some improvement compared to last year. New listings were down annually, but by a lesser rate than sales. This indicates that people looking to buy a home right now are experiencing less competition than those who were entering the market in March 2021, which is a good sign,” says OMDREB President Vishal Kapoor.
“However, there are still other corrections that need to happen in the market to make it easier for Oakville, Milton, and Halton Hills residents to buy. We continue to see a lack of supply. OMDREB, along with other real estate associations across the province, are actively working to help address this issue by encouraging local officials and policymakers to include increasing housing supply in their future plans,” continues Kapoor.
He adds, “Whether you are buying or selling, OMDREB REALTORS® have the best tools and systems to help you navigate the market. Be sure to speak with a member of The Oakville, Milton and District Real Estate Board about your real estate goals.”
