October 2019 Market Report

Oakville, ON, November 8, 2019 – According to figures released November 6 by The Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales increased slightly in October compared to the same period in 2018. Monthly property sales went up by 13, totaling 617 compared to 604 in October 2018.

The total number of new property listings saw a drop by 197 this year: only 962 new listings in October 2019 compared to 1,159 in 2018.

“The latest year to date market stats are showing that Average Home Prices are still steadily rising. Lower inventory is having an impact on increasing prices because we are seeing a lingering supply issue across the GTA,” says OMDREB President Oliver Matas. “For Sellers, this is a great time as we are still in a Sellers market, and average Days on Market are relatively low (Oakville: 55 days, Milton: 29 days).”

“There are a few weeks left in the Fall Market before the Christmas season begins and is a great time to get top dollar for your Seller clients. For Buyers – especially in the higher valued Oakville areas – the nominal price increases and longer Days on Market could lend itself to some spirited negotiation,” states Matas.

The dollar volume of all property sales processed through the OMDREB MLS system saw an increase of over $16 million compared to last year. The figures in October 2019 sat at $428,871,533 as opposed to $412,236,419 in October 2018.

Milton’s average sale price for the month of October was $797,627, an increase of 2.95 percent compared to October 2018 at $774,751. The average sale price in Oakville was $1,129,241, down 9.46% from $1,247,267 compared to the same time in 2018.

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