January 2023 Market Report
February 9, 2023
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Oakville, ON, February 7, 2023 – According to figures released February 7 by The Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales reported by OMDREB REALTORS decreased 29.7 percent for Single Family homes and 23.1 percent for Townhouse/Condo homes compared to January 2022. Median Sales Price decreased 26.7 percent to $1,250,000 for Single Family homes and 26.7 percent to $715,000 for Townhouse/Condo homes.
The total number of new property listings increased 18.5 percent for Single Family homes and 21.0 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 163.6 percent for Single Family homes and 277.8 percent for Townhouse/Condo homes in January 2023.
Year over year, Inventory increased 566.7 percent for Single Family homes and 533.3 percent for Townhouse/Condo homes.
“January sales statistics continue the trend of a return to a balanced market,” says OMDREB President Hunter Obee.
“While the number of sales and home sale prices dropped compared with last year, 2022 was an outlier – the stats for 2023 are in line with historic averages for the month. Fixed interest rates have started to decline, bringing buyers off the sidelines and setting up for a busy spring market. Inventory levels remain low, so any increase in demand may put upward pressure on pricing,” continues Obee.
He adds, “Whether buying, selling or renting, OMDREB REALTORS are knowledgeable and can assist you in navigating a challenging market. Don’t hesitate to contact a member today.”
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