Oakville Residential Jan/2010 Sales Stats & Market Comments
According to the Oakville Milton and District Real Estate Board (OMDREB) the dollar volume of home sales in Oakville for January 2010 was $112.7 million representing a total of 189 sales. The Average Price achieved was $594.9K and the Median Price was $507.5K. Average Number of Days on the Market was 33. To put these numbers into perspective a comparison to January 2009 proves useful. Sales were up 108 units or 133%. Average Sales Prices were up $120,214 or 25% and the Median Price was up $125,500 or 33%! What a difference a year makes!
Based upon a continuance of 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 continue to be in a “Seller’s market” at the present time. A continued low interest rate environment continues to support a strong level of Buyer demand.
My advice to my Seller clients is unchanged that now is a good time to list your property for sale to take advantage of underlying current market strengths. My Buyer clients 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. We anticipate an improving supply of homes for sale as we head into the spring months and this should soften the price escalations we have been witnessing. Unless you are set on buying now for personal reasons, you may want to defer your purchase and see what transpires over the next few months.
I hope you find the information useful and if you have any questions on the Oakville residential real estate market or are thinking of selling your Oakville home and buying a new dream home, please do not hesitate to give me a call or send me an email.
If you are in the market for a beautiful executive home in the sought after River Oaks community in Oakville, don’t forget to check out my new dedicated property listing site at www.457grovehillrd.com !
Regards,
Michael Blackler B.Comm., M.B.A.
Real Estate Broker
Royal LePage Real Estate Services Ltd.,
326 Lakeshore RD E.,
Oakville ON L6J 1J6
Office:905-845-4267
michaelblackler@royallepage.ca
www.michaelblackler.ca