The Oakville, Milton and District Real Estate Board has released their housing report for the month of September.
The report reveals that there has been a drop in property sales and property listings.
In a release, President of OMDREB, Oliver Matas, says the jurisdiction is in a seller’s market.
Monthly property sales dropped to a total of 571 compared to 614 last September.
The total of new property listings also saw a drop this summer to 1,171 new listings compared to 1,230 last year.
Milton’s average sale price for September was $763,371 with an increase of 6.97 per cent compared to this time last year’s price of $713,611.
Oakville’s average price in September was $1,242,079, a 7.4% increase from last year’s price at $1,156,500.
Matas also says the average prices of homes in Milton and Oakville have increased.
He blames residual effects of the mortgage stress for the rise.
Adding now that we’ve entered the fall market there will be a large number of buyers looking to buy and close before the end of the year.
