December 2022 Market Report
January 6, 2023
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Oakville, ON, January 6, 2022 – According to figures released January 6 by The Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales reported by OMDREB REALTORS decreased 10.8 percent for Single Family homes and 34.8 percent for Townhouse/Condo homes compared to December 2021. Median Sales Price decreased 12.3 percent to $1,330,750 for Single Family homes and 15.5 percent to $716,000 for Townhouse/Condo homes.
The total number of new property listings increased 15.4 percent for Single Family homes but decreased 17.1 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 increased 157.1 percent for Single Family homes and 218.2 percent for Townhouse/Condo homes in December 2022.
Year over year, Inventory increased 604.3 percent for Single Family homes and 488.4 percent for Townhouse/Condo homes.
“The end of the year saw home sales down significantly from 2021 across Oakville and Milton, continuing a trend of cautious buyers digesting higher interest rates and falling prices. There are several positive signs, however, as we enter a new year,” says OMDREB President Hunter Obee.
“The number of homes for sale has been reduced markedly from the summer, with inventory levels firmly at a Sellers Market level. Additionally, the Bank of Canada appears to be almost done raising rates, whichshould help put a floor under prices. Once the market has had time to digest the new pricing and rate environment, the lack of supply will come into focus – with record immigration and double-digit rent increases helping resume demand for homes in the area,” 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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