According to figures released this February by The Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales showed a slight decrease of 12.06 per cent in January compared to the same period in 2017. Monthly property sales totaled 401 compared to 456 properties that were sold in January 2017.
When it came to the number of new property listings, there was an increase of 19.70 per cent. 675 properties were listed back in January 2017, compared to 808 properties in 2018.
In the spring of 2017 the OMDREB reached an unprecedented sales level and this drop-in sale was not unexpected. With the addition of the mortgage stress test, which came into effect on
January 1, mortgage rate increases and some very nasty weather in January, all these factors contributed to the drop-in property sales in January. It is most likely that 2018 will not see the same sales number that appeared in 2017, however Oakville, Milton and District remains a destination for Buyers seeking a safe community to live and work.
The dollar volume of all property sales processed through the OMDREB MLS® system saw a decrease of 19.99 per cent in January 2018 to $218,493,391 from $273,076,232 in January 2017.
Oakville’s median residential sale price for the month of January was $858,000, a decrease of 13,20 per cent from $988,500 compared to January 2017. The median sale price in Milton was $635,000, a decrease of 4.53 per cent from $665,100 compared to the same time last year.