Here are your October Market Results for the Burlington , Oakville, Milton and GTA areas. The market continues to get tighter and Average Selling Prices are on the way up as supply vs. demand continues.
BURLINGTON AREA RESULTS
The overall sales activity for Burlington saw a 4% decrease in October when compared to the same time last year. Howver, the number of new listings was down by 18%. This of course means a higher demand for homes in this area which resulted in an increase of the average selling price by 4%. For your full report on the Burlington area, please click here.
OAKVILLE/MILTON OCTOBER MARKET
The year-to-year comparison for Oakville sales is minimal in change. However, Milton saw a 21.33% decrease in the number of sales. The average selling price in Oakvile rose by 1.54% and in Milton 2.95%. The change in the total number of listings reported through OMDREB (Oakville Milton District Real Estate Board) was again, minimal - 617 units vs 604 from the previous year. For your full reports please click here for Milton and here for Oakville.
The trend of annual growth in sales ( 14% increase over last year reports TREB) versus annual decline in new listings continued in October 2019. New listings were down by 9.6% compared to October 2018. The resulting tighter market conditions compared to a year ago resulted in positive annual rates of price growth (5.5% to $852,142 from $807,538 in October 2018) across all major market segments, from the GTA-wide perspective.
"As market conditions in the GTA have steadily tightened throughout 2019, we have seen an acceleration in the annual price growth. While the current pace of price growth remains moderate, we will likely see stronger price growth moving forward if sales growth continues to outpace listings growth, leading to more competition between home buyers," said Jason Mercer, TREB;s Chief Market Analyst.
For your Peel region market update please click here. For Jason Mercer's October results the video is below: