Oakville-Milton and District Real Estate Board MLS® annual home sales drop to lowest levels since 1998
The number of homes sold through the MLS® System of the Oakville-Milton and District Real Estate Board totaled 146 units in December 2023. This was up by 10.6% (14 sales) from December 2022.
Home sales were 10.4% below the five-year average and 16.6% below the 10-year average for the month of December.
On an annual basis, home sales totaled 2,797 units over the course of 2023. This was a substantial decrease of 12% from 2022.
“It’s no surprise that after a very subdued year during which most buyers retreated to the sidelines, we came in at the lowest annual total in more than 20 years,” said Anthony Danko, President of the Oakville-Milton and District Real Estate Board. “However, December marked an uplifting end to the year as a surge of home buying activity returned to the market. We’re not yet sure if this was simply a rush of buyers who had been postponing their decisions until they saw more favourable deals as listings neared expiration or if this marks the beginning of a recovery in consumer confidence. With the busy spring market only a few months away we’ll have a better idea of how the year is shaping up at that time, as well as two more Bank of Canada interest rate decisions in the rearview mirror.”
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 $1,223,500 in December 2023, falling by 3.4% compared to December 2022.
The benchmark price for single-family homes was $1,424,400, a modest decline of 2.8% on a year-over-year basis in December. By comparison, the benchmark price for townhouse/row units was $853,600, up modestly by 1.6% compared to a year earlier, while the benchmark apartment price was $673,400, a minor increase of 2.6% from year-ago levels.
The average price of homes sold in December 2023 was $1,528,631, a sizable gain of 18.7% from December 2022.
The more comprehensive annual average price was $1,431,687, decreasing by 3.8% from all of 2022.
The dollar value of all home sales in December 2023 was $223.2 million, an advance of 31.3% from the same month in 2022.
The number of new listings was down sharply by 12.9% from December 2022. There were 121 new residential listings in December 2023. This was the lowest number of new listings added in the month of December in more than 15 years.
New listings were 13.6% below the five-year average and 20.3% below the 10-year average for the month of December.
Active residential listings numbered 397 units on the market at the end of December, an increase of 17.1% from the end of December 2022. Active listings haven’t been this high in the month of December in five years.
Active listings were 45.7% above the five-year average and 8.4% above the 10-year average for the month of December.
Months of inventory numbered 2.7 at the end of December 2023, up from the 2.6 months recorded at the end of December 2022 and above the long-run average of 2.1 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.
BOARD & ASSOCIATION INFORMATION
The Oakville, Milton and District Real Estate Board (OMDREB) represents over 1,800 real estate professionals. The trademark REALTOR® identifies professionals in real estate who subscribe to a strict code of conduct and ethics. OMDREB remains dedicated to offering their Members progressive and innovative industry technology and education so that they may provide the best possible service to their buyers and sellers. We provide the resources necessary to bring local REALTORS® and their clients together. For more information, visit www.omdreb.on.ca or call OMDREB at 905-844-6491.