July 2024 Market Report
August 6, 2024
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According to figures released August 6 by The Oakville, Milton and District Real Estate Board (OMDREB), thenumber of all property sales reported by OMDREB REALTORS® decreased 6.9 percent for Single Family homes and 6.4 percent for Townhouse/ Condo homes compared to July 2023. Median Sales Price decreased 2.9 percent to $1,358,750 for Single Family homes and 6.6 percent to $803,514 for Townhouse/Condo homes. The total number of new property listings increased 13.3 percent for Single Family homes and 26.7 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 41.2 percent for Single Family homes and 42.9 percent for Townhouse/Condo homes this July. Year over year, Inventory increased 56.0 percent for Single Family homes and 89.5 percent for Townhouse/Condo homes.
“The housing market in the Halton Region is currently well-supplied, which is a nice change from months and years past, where keeping inventory out there was a challenge. As a result of this, average prices have remained steady over the last while, which is good for all parties. It takes a lot of the guess-work out for sellers when it comes to listing price, and buyers have ample choice of market inventory,” says OMDREB President Anthony Danko.
“While down slightly again this month, we expect sales to pick up in the near future as interest rate cuts continue to offer some relief for would-be buyers still on the sidelines. In the future, this could result in the rapid dissolution of available inventory, which means we must continue to ensure new homes can be built quickly and easily,” continues Danko.
He adds, “When consumers are ready to buy or sell their home, making an Informed choice by using an OMDREB REALTOR® should be a priority.”
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