October Oakville Home Sales Up

According to figures released November 6 by The Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales increased drastically in October compared to the same period in 2019. Monthly property sales went up by 352, totalling 642 compared to 290 in October 2019.

The total number of new property listings saw a large increase this year: 822 new listings in October 2020 compared to 503 in 2019.

"Despite industry warnings that the market would cool off in the last half of the year, we continue to notice a rise in all data points and figures. When you take into consideration this year’s challenges of COVID-19 prompting a near full-stop to any public open houses and drastically reduced in-person meetings for listing or buying, this truly is an incredible real estate market,” said OMDREB President Richard Weima.

“We are seeing some softness in the condo numbers as lower interest rates and fewer tenancies has provided great opportunity for Buyers seeking more spaciousness in property and home lifestyle, driving them out from higher density neighbourhoods to wide open suburban spaces. 2020 appears to be another banner year for real estate sales in the Oakville, Milton and District Real Estate marketplace with every indication it shall continue into the near future,” Weima explains.

In Oakville, the average sale price for a home in October 2020 was $1,641,392, up 27.2 percent from $1,290,881 in 2019.

In Milton, the average sale price for a home in October 2020 was $1,103,050, up 23.1 percent from $896,406 in 2019.

“Year-to-date home sales through October were above last year’s level. The economic recovery in some sectors coupled with low borrowing costs has kept home purchases top-of-mind for many GTA residents. With this being said, we have not accounted for all of the pent-up demand that resulted from the spring downturn. Expect record or near-record home sales for the remainder of 2020,” said Jason Mercer, TRREB’s Chief Market Analyst.

For more information, a no-obligation, free home evaluation or assistance in buying or selling your home, please contact:

Lynne Sampson Blott
call: 416-540-7307 | e-mail: lynne@lynneblott.com | visit: theblotts.ca | text: 416-540-7307