How is the Oakville, Burlington and Milton real estate market doing? According to information released on July 5th by the Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales decreased by 30.3% in June compared to June 2016. There were 703 residential property sales in June compared to 1,009 in June 2016.
In addition to this, in June there were 18.8% more new property listings from 1,227 in June 2016 to 1,458 in June 2017.
Dennis Horton, the 2017 President of OMDREB said, "as we continue to see a shift in the market, we're interested in how the year will unfold." That is really not saying very much in my opinion.
Although the number of sales in June were down and then number of new listings were up this did not adversely affect the average or median prices in Oakville or Milton. In Oakville the median price in June was $992,500 and that increased by 10.0% compared to $901,777 in June 2016.
The average sale price in June was $1,130,094 and that was up 6.0% from $1,065,864 in June 2016.
There were 121 detached homes, 36 Semis/Link/Townhouses, 35 Condo Apartments/Townhouses and 4 other home sold in June 2017.
In Milton, the median sale price was $745,395 and increase of 24.6% from $638,156 compared to the same time last year.
The average days on market in Oakville was 23 days in June and 21 days in Milton.
There were 52 detached homes sold, 22 Semis/Link/Townhouses sold, 12 Condo Apartments/Townhouses sold and 15 other homes sold in June 2017.
There were 56 sales recorded by OMDREB. The average days on Market was 16 days. The Median price was $657,500 and the Average price was $745,276. More information to follow about Burlington.
Based on the above market conditions, Sellers should adjust their expectations accordingly. The real estate market frenzie in February and March is over. On the other hand, Buyers will have more choices available to them than they did in previous months. It may be a good time to buy right now over the summer before interest rate potentially get increased in the fall.