June 2023 Market Report
July 7, 2023
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Oakville, ON, July 6, 2023 – According to figures released July 6 by The Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales reported by OMDREB REALTORS increased 20.1 percent for Single Family homes and 8.3 percent for Townhouse/Condo homes compared to June 2022. Median Sales Price increased 2.4 percent to $1,415,500 for Single Family homes but remained flat for Townhouse/Condo homes.
The total number of new property listings decreased 13.4 percent for Single Family homes and 18.5 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 6.3 percent for Single Family homes but increased 6.7 percent for Townhouse/Condo homes properties in June 2023.
Year over year, Inventory increased 9.1 percent for Single Family homes and 5.6 percent for Townhouse/Condo homes.
“June home sales and prices were up strongly over 2022, with values buoyed by a lack of supply across all home types. The Bank of Canada’s rate hike may have taken some of the enthusiasm from the market, as there was a small dip from May prices,” says OMDREB President Hunter Obee.
“Demand appeared to be robust, with some buyers, however, unable to find a suitable home due to the sharp reduction in supply,” 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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