THE REAL ESTATE MARKET CONTINUES TO STABILIZE
We continue to experience a shift in the real estate market which began earlier in the spring.
The SELLERS’ market in the OAKVILLE, BURLINGTON, MISSISSAUGA and MILTON areas is continuing to stabilize. There were fewer SALES in July when compared to the same time last year, but PRICES are up
NEW LISTINGS coming to market continue to outpace SALES, but there were fewer NEW LISTINGS in July that in the three previous months. This is typical of a summer market, where people are more interested in vacations than putting their house up for sale.
We are definitely moving towards a more BALANCED market and continue to experience a PSYCHOLOGICAL slow down as buyers sit on the fence looking for confirmation that prices are stabilizing.
Sales stats for Oakville and Milton have been taken from The Oakville, Milton & District Real Estate Board (OMDREB) and the Burlington statistics from the Realtors Association of Hamilton and Burlington (RAHB). Information for the Mississauga was taken from the Toronto Real Estate Board (TREB).
JULY SALES on OMDREB were down by 30.2% from July 2016 and 18.2% lower than last month.
RAHB reported 1125 SALES in JULY, representing a decline of 21.4% when compared to July last year, while SALES were down 20.6% since June.
TREB reported 670 SALES in Mississauga, a 37% decrease from July 2016, and a 20% decline since June.
The positive price results compared to last year continued in July, with all areas running ahead for both AVERAGE and MEDIAN prices. Sale prices vary based on area and whether we look at the Average or Median prices.
OMDREB reported 1048 listings up 10.1% year-over-year and 15.1% year-to- date.
RAHB posted 1883 new listings representing a 19.3% increase when compared to July 2016 and 19.4% year-to-date.
TREB reported 1517 new listings in Mississauga in July, up 9.2% from July 2016 and year-to-date listings are 11.3% ahead of last year.
We currently sit with 115 days (3.8 months) of inventory. A balanced market is one when there is about 5-6 months of inventory, so at just under 4 months we are definitely moving towards a BALANCED market.
Here are the actual JULY 2017 residential and condominium real estate results by area for OAKVILLE, BURLINGTON, MILTON & MISSISSAUGA Ontario.
I also included a link to the TORONTO Real Estate Board’s (TREB) statistics for each area by HOUSE TYPE, as there are more sales taking place in Oakville and Milton on TREB than on our local board.
You’ll also find below the video TREB Market Watch JULY 2107 by Jason Mercer, Director Market Analysis in which Jason discusses what has been happening in Toronto and the GTA.
Here are the individual sales results by city.