May 2020 Market Report
Oakville, ON, June 8, 2020 – According to figures released June 5 by The Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales dropped drastically in May compared to the same period in 2019. Monthly property sales went down by 235, totalling 199 compared to 434 in May 2019.
The total number of new property listings saw the same this year: 325 new listings in May 2020 compared to 777 in 2019.
“It has taken the COVID-19 pandemic to bring our local markets to a substantial standstill, with both Sellers and Buyers assessing the risk and prescribed safety measures. Guided by their REALTOR’s advice against listing their homes or viewing property in this unprecedented time, the marketplace has been mostly involved with only transactions that were deemed essential. The necessity of buying or selling arising from our first quarter’s mainly robust real estate market has been what has driven this late Spring market,” said OMDREB President Richard Weima.
"The numbers show that with this major reduction of new listing supply, there was sufficient buyer interest to move our property values higher. However, with an easing back to business coupled with the lowest mortgage interest rates in years, we will see sales numbers eventually start to improve when an increased supply of listed properties hit the market."
In Oakville, the average sale price for a home in May 2020 was $1,441,096, up 8 percent from $1,334,898 in 2019. The average sale price for a townhouse/condo in the same area for May 2020 was $820,341, up 20.5 percent from $680,649 in May 2019.
In Milton, the average sale price for a home in May 2020 was $1,006,355, up 5.3 percent from $955,926 in 2019. The average sale price for a townhouse/condo in the same area for May 2020 was $643,343, up 7.8 percent from $596,717 in May 2019.
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