May has Increase in Inventory and Decrease in Property Sales
Wednesday, 07 June 2017, 11:45:00 AM
May has an Increase in Homes for Sale and Decrease in Property Sales
According to the Oakville, Milton and District Real Estate Board (OMDREB), the number of all properties sold in the month of May 2017 decrease by 19.1% compared to May 2016. There were 840 property sales in May of this year compared to 1,038 in 2016.
Also, there was an increase in the number of homes for sale from 1,266 in May 2016 to 1,776 in May of this year and this represents an increase in 40.3%.
"There is an abundance of local inventory, however, the decrease in property sales could indicate a potential shift in the real estate market," said Dennis Horton, the current President of OMDREB.
OMDREB also stated that the dollar volume of all property sales processed the real estate board's system saw a decrease of 11.8% in May 2017 to $664,158,892 from $753,263,002 in May 2016. This is a pretty significant decrease in sales.
Oakville's median residential sale price for the month of May was $1,045,000 an increase of 28.4% from $926,500 in May of 2016. Furthermore, the median sale price in Milton was $745,000 in May 2017 compared to $627,515 in May 2016 for an increase of 18.1%.
In Oakville, there were 143 Detached homes sold in May 2017, 35 Semi/Link/Townhouses sold, 56 Condo Apt/TH and 9 Other sales.
In Milton, there were 68 Detached home sales in May 2017, 22 Semi/Link/Townhouses sales, 56 Condo Apt/TH sales and 13 Other sales.
The Average Days on Market was 18 days in May 2017 in Oakville compared to 11 days in April 2017. So homes are taking slightly longer to sell as the year goes on.