October 2018 Market Report
Oakville, ON, November 1, 2018 – According to figures released November 1st by The Oakville, Milton and District Real Estate Board (OMDREB), the number of all property salesdecreased slightly in October compared to the same period in 2017. Monthly property sales totaled 598 compared to 638 in October 2017.
The number of new property listings is lower than it was in October 2017: 1,217 new listings inOctober 2017 compared to 1,156 in 2018.
"After 4 consecutive months of increased activity, October results were a disappointment", states OMDREB President Rick Kedzior. "Dollar volume of sales in October were down about 8% with the number of sales also decreasing by 7% compared to October 2017". The best description of 2018’s market would be "sporadic". "The 2018 market, with its ups and downs, reminds me of a roller coaster," claims Kedzior.
President Kedzior believes that the recent interest rate increases and the mortgage stress test are major contributors to the lack of consumer confidence. However, on a positive note, the Region of Halton’s Chair, Gary Carr, recently announced that Halton Region has been ranked the safest Region in Canada 13 years in a row.
The dollar volume of all property sales processed through the OMDREB MLS® system saw adrop in October 2018 to $$407,956,732 from $440,711,480 in October 2017.
Oakville’s median residential sale price for the month of October was $915,500, a decrease of4.19 percent compared to October 2017 at $955,000. The median sale price in Milton was $727,000, a slight increase of 3.12 percent from $705,000 compared to the same time in 2017.
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