Oakville Real Estate Update October 2023
Tuesday Nov 14th, 2023
According to figures released November 6 by The Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales reported by OMDREB REALTORS® sales decreased 18.4 percent for Single Family homes and 16.5 percent compared to October 2022.
Median Sales Price increased 6.0 percent to $1,405,000 for Single Family homes and 5.1 percent to $825,000 for Townhouse/Condo homes. The total number of new property listings increased 35.3 percent for Single Family homes and 15.1 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 14.3 percent for Single Family homes and 7.7 percent for Townhouse/Condo home properties in October 2023.
Year over year, Inventory increased 69.6 percent for Single Family homes and 22.7 percent for Townhouse/Condo homes.
“October sales continued below seasonal averages, with many buyers waiting for a clearer direction on the market and interest rates," says OMDREB President.
"Prices held up well compared to a year ago, and inventory levels were higher but still within levels considered a balanced market. Interest rates appear to have peaked for the moment, offering some hope for a more robust start to the new year," he continues.
Whether buying, selling, or renting, I can help navigate this rapidly changing environment. Don’t hesitate to contact me today.