May 2019 Market Report
Oakville, ON, May 5, 2019 – According to figures released May 5 by The Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales increased in May compared to the same period in 2018. Monthly property sales jumped by 43, totaling 845 compared to 802 in May 2018.
The total number of new property listings also saw a rise, increasing by 29 this year: 1,461 new listings in May 2019 compared to 1,432 in 2018.
"Despite the constraints of the 'Stress Test' on Buyers getting mortgages and the foreign tax on international investors, many homes are selling at or near their asking prices - and in some cases above asking price," says OMDREB President Oliver Matas. "Year over year, our sales, listings and average price are up. This is a testament to an economy that is still going strong in Oakville and Milton. Generally any property listed under a Million dollars in these areas will sell quicker at or near asking price, depending on location and the state of the property," explains Matas. "We are now heading into summer where activity typically slows down, but if we continue to have a strong economy we should expect to have similar year over year results just like the spring market."
The dollar volume of all property sales processed through the OMDREB MLS® system saw a drastic increase of over $68 million compared to last year. The figures in May 2019 sat at $592,832,914 as opposed to $524,762,249 in May 2018.
Milton's average sale price for the month of May was $806,408, a substantial increase of 13.56 percent compared to May 2018 at $710,087. The average sale price in Oakville was $1,060,173, up 2.83 percent from $1,031,027 compared to the same time in 2018.
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