October 2017 Market Report
Oakville, ON, November 1, 2017 – According to figures released November 1 by The Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales decreased by 15.68 per cent in October compared to the same period in 2016. Monthly property sales totaled 640 compared to 759 in October 2016.
The number of new property listings saw an increase of 27.46 per cent, from 954 in October 2016 to 1,216 in 2017.
“We are seeing the market begin to slow, as evidenced by decreased property sales and median price in Oakville,” said Dennis Horton, 2017 President of OMDREB. “However, we could see an uptick before the holidays with an additional mortgage restriction coming into effect on January 1, 2018.”
The dollar volume of all property sales processed through the OMDREB MLS® system saw a decrease of 24.51 per cent in October 2017 to $431,776,832 from $571,979,121 in October 2016.
Oakville’s median residential sale price for the month of October was $950,000, a decrease of 3.06 per cent from $980,000 compared to October 2016. The median sale price in Milton was $702,200, an increase of 9.72 per cent from $640,000 compared to the same time last year.
To read the the full release, click here.