The Oakville, Milton and District Real Estate Board

The number of homes sold through the MLS® System of the Oakville-Milton and District Real Estate Board totaled 244 units in November 2024. This was a jump of 30.5% from November 2023.

Home sales were 6.1% below the five-year average and 16% below the 10-year average for the month of November.

On a year-to-date basis, home sales totaled 2,706 units over the first 11 months of the year. This increased by 1.9% from the same period in 2023.

“In November home sales remained stable, marking the highest November total since 2021. The number of newly listed properties came in slightly below November 2023 but right around what we would expect for this time of year. Overall inventory contracted but remains about above average for a typical November,” said Anthony Danko, President of the Oakville-Milton and District Real Estate Board. “Regulatory changes such as raising the insured mortgage cap along with further potential interest rate cuts may boost buyer activity in the near term. The question remains whether we will see an increase in activity during the usually slower winter months or if market activity goes back into hibernation until spring.”

The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $1,215,800 in November 2024, unchanged compared to November 2023.

The benchmark price for single-family homes was $1,441,600, a minor increase of 2.1% on a year-over-year basis in November. By comparison, the benchmark price for townhouse/row units was $874,200, a slight reduction of 0.3% compared to a year earlier, while the benchmark apartment price was $634,500, falling by 3.5% from year-ago levels.

The average price of homes sold in November 2024 was $1,511,163, a gain of 8.4% from November 2023.

The more comprehensive year-to-date average price was $1,415,966, nearly unchanged, down only 0.5% from the first 11 months of 2023.

The dollar value of all home sales in November 2024 was $368.7 million, a substantial increase of 41.5% from the same month in 2023.

The number of new listings saw a small gain of 1.9% (seven listings) from November 2023. There were 371 new residential listings in November 2024. This was the largest number of new listings added in the month of November in more than five years.

New listings were 8.9% above the five-year average and 2.1% below the 10-year average for the month of November.

Active residential listings numbered 680 units on the market at the end of November, increasing by 1% (seven listings) from the end of November 2023. Active listings haven’t been this high in the month of November in more than five years.

Active listings were 45.9% above the five-year average and 22.9% above the 10-year average for the month of November.

Months of inventory numbered 2.8 at the end of November 2024, down from the 3.6 months recorded at the end of November 2023 and above the long-run average of 2.1 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.