May 2018 Market Report

Oakville, ON, June 4, 2018 – According to figures released June 1st by The Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales fell in May compared to the same period in 2017. Monthly property sales totaled 606 compared to 691 in May 2017.

The number of new property is lower than it was in May 2017, 1,506 new listings in May 2017 compared to 1,319 in 2018.

As we move further in Quarter 2 of 2018, our statistics compared to 2017 are improving. This how’s that our 2018 market is continuing to normalize compared to the record breaking sale of 2017, states OMDREB Preident Rick Kedzior. With about 200 less listing inventory than May 2018, it may result in increased competition amongst Buyers and get some fence sitters into the market. Kedzior adds that home ownership has and continues to be a sound long term investment.

The dollar volume of all property sales processed through the OMDREB MLS system saw a decrease of -21.85 percent in May 2018 to $524,102,349 from $670,617,422 in May 2017.

Oakville’s median residential sale price for the month of May was $875,000, a decrease of -15.05 per cent compared to May 2017 at $1,030,000. The median sale price in Milton was $700,000, a decrease of -5.72 per cent from $742,500 compared to the same time in 2017.

To view the full report, click HERE.