Oakville Residential Dec/09 and Full Year Sales Stats & Market Comments
The Oakville, Milton and District Real Estate Board (OMDREB) today released the December/09 sales statistics for Oakville and I wanted to share them with you and provide some interpretive commentary.
Compared to Dec/08 in which there were only 79 recorded sales, Dec/09 checked-in at 163 equalling a 106% increase. The Average Sale Price was up from $420,635 in Dec/08 to $531,893 in Dec/09 representing a 27% increase. The Median price was also up at $465,000 compared to $337,000 last December. Those 163 sales represented $86.7 million and were achieved with an average “Days-On-Market” (DOM) of 32. This compares to Dec/08 at $32.9 million with a DOM of 58. All in all, a reasonably good month and a decent end to the year.
Speaking of 2009 as a full year, sales amounted to $1,742 million across 3,305 transactions. Average DOM was 40 and the Average Sales Price was $ 527,152 and the Median $435,000. To put 2009 into perspective a comparison to 2008 is useful. Full year sales 2008 were $1,482 million across 2,886 transactions with an Average DOM of 37. Average Sales Price was $513,528 and the Median was $416,500.
While 2008 volumes and prices were off the expected trend line given the prior year’s sales volumes (with the underlying economic reasons now well known to all), the year-over-year improvement recorded in 2009 is still impressive. Total Sales volume is up some $260 million, representing approximately 17.5%. Number of transactions was up 419 sales or 14.5% year over year.
As we all know, looking at past results is usually not a very useful predictor of future outcomes and 2010 results will be largely dependent on the breadth and depth of the on-going economic recovery, consumer confidence levels, federal interest rate policy and related mortgage rates, together with the impact of any other government programs or initiatives (such as the HST in Ontario). What is not immediately clear is whether Q3 & Q4 2009 sales reflected a lot of pent up demand carried forward from Q1 & Q2 2009 that may in turn have come at the expense of Q1 & Q2 2010 sales. The next 3-6 months will be very telling indeed.
Regards
Michael