October 2023 Market Report
November 7, 2023
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Oakville, ON, November 7, 2023 – According to figures released November 6 by The Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales reported by OMDREB REALTORS sales decreased 18.4 percent for Single Family homes and 16.5 percent compared to October 2022. Median Sales Price increased 6.0 percent to $1,405,000 for Single Family homes and 5.1 percent to $825,000 for Townhouse/Condo homes. The total number of new property listings increased 35.3 percent for Single Family homes and 15.1 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 14.3 percent for Single Family homes and 7.7 percent for Townhouse/Condo home properties in October 2023.
Year over year, Inventory increased 69.6 percent for Single Family homes and 22.7 percent for Townhouse/Condo homes.
“October sales continued below seasonal averages, with many buyers waiting for a clearer direction on the market and interest rates,” says OMDREB President Hunter Obee.
“Prices held up well compared to a year ago, and inventory levels were higher but still within levels considered a balanced market. Interest rates appear to have peaked for the moment, offering some hope for a more robust start to the new year,” 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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