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 228 units in July 2024. This was a gain of 5.6% (12 sales) from July 2023.

Home sales were 25.3% below the five-year average and 34.4% below the 10-year average for the month of July.

On a year-to-date basis, home sales totaled 1,816 units over the first seven months of the year. This was down modestly by 3.1% from the same period in 2023.

“Like many markets across the country our local market saw a drop in sales in July, marking the third consecutive month of declining sales. It seems buyers are still waiting on the sidelines. With many expecting interest rates to continue falling through 2024, it is no surprise that potential buyers are holding off until affordability improves,” said Anthony Danko, President of the Oakville-Milton and District Real Estate Board. “The number of newly listed properties remains significantly higher than last year and currently aligns with the historical averages. Prices and market balance have remained relatively stable, with the MLS® HPI Composite Benchmark Price hovering around where it was at the beginning of the year. With inventory significantly higher than at any time in the past five years there are plenty of opportunities for buyers ready to jump 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 $1,251,100 in July 2024, falling by 5.1% compared to July 2023.

The benchmark price for single-family homes was $1,480,900, a modest decline of 3.3% on a year-over-year basis in July. By comparison, the benchmark price for townhouse/row units was $893,900, down by 5.1% compared to a year earlier, while the benchmark apartment price was $650,300, a minor decrease of 3.9% from year-ago levels.

The average price of homes sold in July 2024 was $1,387,902, a minor decrease of 2.3% from July 2023.

The more comprehensive year-to-date average price was $1,412,329, a small reduction of 2.4% from the first seven months of 2023.

The dollar value of all home sales in July 2024 was $316.4 million, increasing by 3.1% from the same month in 2023.

The number of new listings rose 22.9% from July 2023. There were 536 new residential listings in July 2024.

New listings were 6.2% above the five-year average and 0.1% above the 10-year average for the month of July.

Active residential listings numbered 829 units on the market at the end of July, up sharply by 57.9% from the end of July 2023. Active listings haven’t been this high in the month of July in five years.

Active listings were 47.4% above the five-year average and 21.9% above the 10-year average for the month of July.

Months of inventory numbered 3.6 at the end of July 2024, up from the 2.4 months recorded at the end of July 2023 and above the long-run average of 2.2 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.