September 2018 real estate results are in for Oakville, Burlington, Milton and Mississauga and market conditions have unfolded differently across these communities. Tougher mortgage qualifying rules and higher borrowing costs are definitely having an impact on the market.
The volume of home sales in both Oakville and Burlington was greater in September than the same time last year; however sales decreased nearly across the board from August. Oakville was down about 9.6%; Mississauga down 13.4%; Milton down 19.2%, while Burlington showed improvement and increased by 4.8%.
All locations showed significant increases in the number of listings, when compared to August. Oakville was higher by 14.6%, Mississauga by 10.1%, Milton by 8.3% and Burlington by 7.4%.
We would expect listings to increase as we head into the fall market, and this just confirms an improvement in the willingness of owners to sell their homes.
The number of months of inventory (listings) varies from 2.3 to 3.8.
It is interesting to note that the general improvement in Listings this month, accompanied by reductions in Sales took place with positive overall price changes. Oakville and Mississauga saw significant improvements in Average and Median sale prices, while Burlington and Milton were lower but by very small amounts.
Average and Median sales prices in Oakville and Burlington remain below where they were a year earlier, while Milton and Mississauga have seen substantial price growths.
Here are the actual September 2018 residential and condominium real estate results by area for OAKVILLE, BURLINGTON, MILTON and MISSISSAUGA Ontario. Information has been taken from the Toronto Real Estate Board and the OMDREB Regional site (for Burlington).
Below is a video by Jason Mercer, TREB's Director of Market Analysis where he reports what has happened in Toronto and the GTA in September.
Here is the video TREB Market Watch September 2018 by Jason Mercer, Director Market Analysis in which Jason discusses what is happening in Toronto and the GTA.
More than ever it is critical that both buyers and sellers keep informed of the current local real estate market conditions.
Therefore, if you are exploring the idea of buying or selling a home in Oakville, Burlington, Mississauga or Milton, ON, call or text Team Gonin at 647-800-7097 today.
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