May 2023 Market Report
Oakville, ON, June 6, 2023 – According to figures released June 6 by The Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales reported by OMDREB REALTORS® decreased 6.6 percent for Single Family homes but increased 14.7 percent for Townhouse/Condo homes compared toMay 2022. Median Sales Price increased 1.5 percent to $1,500,000 for Single Family homes but decreased 3.3 percent to $869,950 for Townhouse/ Condo homes.
The total number of new property listings decreased 26.1 percent for Single Family homes and 27.8 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 remained flat forSingle Family homes but increased 53.8 percent for Townhouse/Condo properties in May 2023.
Year over year, Inventory increased 15.8 percent for Single Family homes but remained flat for Townhouse/Condo homes.
“Oakville and Milton saw continued strength in all areas of the housing market, with considerable price appreciation in single-family homes, both on a monthly and yearly basis. The sales numbers remained consistent with previous years, but the number of new listings was down significantly - putting upwards pressure on pricing and resulting in many multiple- offer situations across the region,” says OMDREB President Hunter Obee.
"We encourage policy makers to continue working on solutions to bring new housing online, as we anticipate the supply crunch to continue as our population booms," continues Obee.
He adds, "Whether buying, selling, or renting, OMDREB REALTORS® can help navigate this rapidly changing environment. Don’t hesitate to contact a member today."
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