Oakville Residential Nov/09 Sales Stats & Market Comments
According to the Oakville Milton and District Real Estate Board (OMDREB) the Dollar volume of home sales in Oakville for Nov 30/09 was $154.7 million representing a total of 259 sales. The Average Price achieved was $594K and the Median Price was $450K. Average Number of Days on the Market was 32. On a Year-To-Date basis (to Nov 30/09) the corresponding numbers were $1.65 billion across a total of 3,133 sales. The Average Price achieved was $525K and the Median Price was $431K. To put these numbers into perspective a comparison to 2008 proves useful. November sales were up 102% and YTD Sales up 11%. Average Sales Prices were up 10% Nov/09 over Nov/08 while YTD (Nov) Sale Prices were up 2% over YTD 2008.
Based upon witnessing a shortage of inventory (For Sale listings) across almost all price points combined with numerous cases of well priced homes for sale receiving multiple offers and in many cases selling for prices well in excess of the listing price, we seem to be in a Sellers market at the present time. A continued low interest rate environment, for at least the next few months, should continue to support a strong level of Buyer demand.
My advice to my Seller clients is that now is a good time to list your property for sale to take advantage of underlying current market strengths. My Buyer cleints are cautioned to remain disciplined in their affordability calculations and pro-forma their mortgage carry expenses for an increased interest rate environment at mortgage term maturity.
Regards,
Michael