The Oakville, Milton and District Real Estate Board

The number of homes sold through the MLS® System of the Oakville-Milton and District Real Estate Board totaled 192 units in September 2024. This decreased by 8.1% from September 2023.

Home sales were 31.4% below the five-year average and 39.2% below the 10-year average for the month of September.

On a year-to-date basis, home sales totaled 2,215 units over the first nine months of the year. This was a modest decline of 3.8% from the same period in 2023.

“September marked yet another month of declining sales, continuing the downward trend we’ve seen since April. Meanwhile, newly listed properties surged, outpacing sales by more than 3 to 1, and caused overall inventories to rise further. Active listings are now sitting more than 125% higher than the number of available homes back in January,” said Anthony Danko, President of the Oakville-Milton and District Real Estate Board. “The MLS® HPI Composite Benchmark Price slid to its lowest level since the spring. Given the current conditions it is not surprising that market balance remains firmly in favour of buyers, making this one of the best times in recent memory for sidelined buyers to get into the market.”

The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $1,224,600 in September 2024, down by 4.6% compared to September 2023.

The benchmark price for single-family homes was $1,460,000, a minor decrease of 2.5% on a year-over-year basis in September. By comparison, the benchmark price for townhouse/row units was $867,100, a moderate decrease of 4.8% compared to a year earlier, while the benchmark apartment price was $630,300, falling by 6.4% from year-ago levels.

The average price of homes sold in September 2024 was $1,444,035, up modestly by 3.4% from September 2023.

The more comprehensive year-to-date average price was $1,413,508, a minor decrease of 1.5% from the first nine months of 2023.

The dollar value of all home sales in September 2024 was $277.3 million, a moderate decrease of 5.1% from the same month in 2023.

The number of new listings edged down 0.5% (three listings) from September 2023. There were 643 new residential listings in September 2024.

New listings were 13.4% above the five-year average and 2% above the 10-year average for the month of September.

Active residential listings numbered 892 units on the market at the end of September, a gain of 22.7% from the end of September 2023. Active listings haven’t been this high in the month of September in more than five years.

Active listings were 51.6% above the five-year average and 28.3% above the 10-year average for the month of September.

Months of inventory numbered 4.6 at the end of September 2024, up from the 3.5 months recorded at the end of September 2023 and above the long-run average of 2.5 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.