August 2023 Market Report

Oakville, ON, September 7, 2023 – According to figures released September 6 by The Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales reported by OMDREB REALTORS sales decreased 18.5 percent for Single Family homes but increased 2.0 percent for Townhouse/Condo homes. The median Sales Price increased 15.2 percent to $1,440,000 for Single Family homes and 7.6 percent to $845,000 for Townhouse/Condo homes.

The total number of new property listings increased 2.7 percent for Single Family homes and 5.9 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 decreased 15.4 percent for Single Family homes and 7.4 percent for Townhouse/Condo properties in July 2023.

Year over year, inventory increased 35.0 percent for Single Family homes and 11.8 percent for Townhouse/Condo homes.

“The market in August continued to show signs of resilience, with some hesitation from buyers based on concerns due to higher borrowing costs. Inventory levels have increased slightly, which combined with reduced sales, led to a more balanced market,” says OMDREB President Hunter Obee.

“Demand for properly priced homes continues, as Halton Region is a location of choice for many buyers in the GTA.,” 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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