The Oakville Real Estate Update: May 2017 reveals that there was a spike in inventory, but a decrease in property sales.
According to figures released June 1, 2017 by The Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales decreased by 19.08 per cent in May compared to the same period in 2016. Monthly property sales totalled 840 compared to 1,038 in May 2016.
The number of new property listings saw an increase of 40.28 per cent, from 1,266 in May 2016 to 1,776 in 2017.
“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, 2017 President of OMDREB.
The dollar volume of all property sales processed through the OMDREB MLS® system saw a decrease of 11.83 per cent in May 2017 to $664,158,892 from $753,263,002 in May 2016.
Oakville’s median residential sale price for the month of May was $1,045,000 an increase of 28.39 per cent from $926,500 compared to May 2016.
Oakville Residential Only Sales: Oakville Real Estate Update: May 2017
Oakville Residential Type and Units Sold
Detached: 143 Units
Semi/Link/Townhouse: 35 Units
Condo Apartment/TH: 56 Units
OTHER: 9 Units
