Milton, ON, April 9, 2024 – According to figures released April 9 by The Oakville, Milton and District RealEstate Board (OMDREB), the number of all property sales reported by OMDREB REALTORS® decreased 5.0 percent for Single Family homes and 10.8 percent for Townhouse/Condo homes compared to March 2023. Median Sales Price decreased 2.8 percent to $1,480,000 for Single Family homes but increased 1.5 percent to $785,000 for Townhouse/Condo homes. The total number of new property listings increased 16.4 percent for Single Family homes and 0.6 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 5.9 percent for Single Family homes but remained flat for Townhouse/Condo homes this March.
Year over year, Inventory increased 44.6 percent for Single Family homes and 31.8 percent for Townhouse/Condo homes.
“We continued to see encouraging supply trends throughout March, with a slight increase in homes hitting the market throughout Oakville, Milton, and Halton Hills. While we hope to see this continue into spring, it’s important to remember that there have been quite a few buyers waiting for the right time to enter the market. As such, competition will remain tight,” says OMDREB President Anthony Danko.
“Demand for homes and rental units of all types will continue to increase throughout the year, and with borrowing costs expected to be lower at some point, any supply added to the market will be purchased quickly. Average prices could remain strong as a result,” continues Danko.
He adds, “OMDREB continues to frequently meet with government officials and industry stakeholders at all levels to encourage developing innovative solutions to address supply and affordability challenges within the Halton Region.”
