Oakville property sales have begun to slow down as we hit mid-summer and start to head back towards fall.
In a report released by The Oakville, Milton and District Real Estate Board at the beginning of June, the number of total property sales had decreased while the inventory and sales prices had still been on the rise.
The total number of property sales in the Oakville and Milton areas decreased by 19.08% from May 2016 to May 2017. The total number of sales for the months were 1,038 and 840, respectively. Because of this decrease in local sales, the volume of sales, expressed in dollars, also saw a decrease. This figure dropped from $753,263,002 in May of 2016 to $664,158,892 in May of 2017, which is around 12%.
As we mentioned before, the number of new property listings did see a significant increase of over 40%, jumping from 1,266 in May 2016 to 1,776 in the same month of this year. With more homes available to purchase, buyers are in a great position as we start heading towards the cooler months.
For those that are interested in purchasing a home in the Oakville and Milton areas, both saw an increased when this May’s median sales price was compared to that of last May, with Oakville rising 28.39% and 18.07% respectively.
The median sales prices were $926,500 for Oakville and $627,515 for Milton in May of 2016. The Oakville price has since gone up by 28.39% to $1,045,000 and the Milton price has grown by 18.07% to $745,000.
Of course, with the help of trusted mortgage and real estate professionals, you can find the perfect home, for the right price and get the perfect mortgage to finance it.
At Cashin Mortgages, our team of Oakville mortgage brokers works hard to make sure you get the absolute best financing that makes every market feel like a buyer’s market! If you are interested in purchasing property in the local area, give us a call today!