September 2019 Market Report
Oakville, ON, October 15, 2019 – According to figures released October 10 by The Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales decreased in September compared to the same period in 2018. Monthly property sales dropped by 43, totaling 571 compared to 614 in September 2018.
The total number of new property listings also saw a drop by 59 this year: 1,171 new listings in September 2019 compared to 1,230 in 2018.
"As of September 2019, the Months of Inventory (MOI) is currently at 2.05. In September of 2018, our MOI was slightly less at 2 (1-3 months is a Sellers Market, 4-6 is a Balanced Market & 7-12 is a Buyer’s Market). This indicates that in OMDREB’s jurisdiction as a a whole, we are clearly in a Seller’s market," says OMDREB President Oliver Matas.
"Year to date, however, things are a little different in Oakville and Milton. Average prices in Oakville have increased by 2.61% to $1,139,895. In Milton the average sale price has increased to $768,095, with an even larger percentage increase at 7.55%. The average Days on Market in Oakville are longer compared to Milton (55 days to 29 days). Many of the higher priced properties, especially in Oakville, are taking longer to sell," explains Matas.
"One of the big factors at play are the residual effects of the Stress test. However, we are in the Fall market, which means there are a large crop of Buyers out there looking to Buy properties and close before the end of the year. If they are well represented by an OMDREB REALTOR® they will most likely come prepared, pre-approved and ready to buy," Matas proclaims.
The dollar volume of all property sales processed through the OMDREB MLS® system saw a slight decrease of over $10 million compared to last year. The figures in September 2019 sat at $402,899,478 as opposed to $413,570,469 in September 2018.
Milton's average sale price for the month of September was $763,371, an increase of 6.97 percent compared to September 2018 at $713,611. The average sale price in Oakville was $1,242,079, increasing 7.40% from $1,156,500 compared to the same time in 2018.
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