Oakville; According to figures released May 6 by The Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales reported by OMDREB REALTORS decreased 37.4 percent for Single Family homes and 35.2 percent for Townhouse/Condo homes compared to April 2021. The Median Sales Price increased 25.3 percent to $1,650,700 for Single Family homes and 18.2 percent to $910,000 for Townhouse/Condo homes.
The total number of new property listings increased 7.3 percent for Single Family homes and 5.2 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 18.2 percent for Single Family homes and 10.0 percent for Townhouse/Condo homes in April 2022.
Year over year, Months Supply of Inventory increased 100.0 percent for Single Family homes and 75.0 percent for Townhouse/Condo homes.
“For the first time this year, there are signs of a balanced market returning to Oakville, Milton, and Halton Hills. While inventory is still below the norm, there was an increase of over 50% in both the single family and townhouse/condo segments compared to last year. Average prices remain strong across all segments, although there was a decrease in sales compared to last month,” says OMDREB President Vishal Kapoor
The early signs of a market balancing are certainly encouraging for those who have been unable to find inventory suitable for their needs or buying power, and it will be interesting to see how things unfold in the coming months. It’s important to remember that if you’re thinking of entering The Oakville, Milton, or Halton Hills market, or are unsure of how to do proceed with your real estate transaction, talking to an OMDREB REALTOR® should always be your first step,” adds Kapoor.