January 2024 Market Report

Oakville, ON, February 6, 2024 – According to figures released February 6 by The Oakville, Milton and District Real Estate Board (OMDREB),the number of all property sales reported by OMDREB REALTORS increased 18.5 percent for Single Family homes and 8.5 percent for Townhouse/Condo homes compared to January 2023. Median Sales Price increased 3.0 percent to $1,287,500 for Single Family homes and 10.6 percent to $785,000 for Townhouse/Condo homes. The total number of new property listings increased 1.1 percent for Single Family homes but decreased 6.4 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 increased 44.8 percent for Single Family homes and 29.4 percent for Townhouse/Condo home properties in January 2024.

Year over year, Inventory increased 18.8 percent for Single Family homes and 20.0 percent for Townhouse/Condo homes.

“Year over year, home sales were up in January. This is an encouraging sign as we head into the Spring market, where we’ll continue to see potential homebuyers benefit from an expected reduction to Bank of Canada interest rates. And for the time being, average prices have remained steady, which bodes well for first-time buyers who might be ready to take the jump into the market. The steady average also means sellers will have an easier time pricing their homes, should they wish to move,” says OMDREB President Anthony Danko.

“However, although sales were up, new listings within Oakville, Milton, and Halton Hills were virtually on par with this time last year. As time goes on, we will need more listings hitting the market to accommodate the projected growth for years to come in the Halton Region. More supply will also continue to soften average prices for first-time buyers. OMDREB continues to work with government officials at all levels to ensure that supply can meet the forecasted demand,” continues Danko.

He adds, “Whether buying, selling, or renting, OMDREB REALTORS can help navigate the transaction from start to finish. Don’t hesitate to contact a member today.”

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