Oakville Residential Feb/10 Sales Stats and Market Comments
According to the Oakville Milton and District Real Estate Board (OMDREB) the dollar volume of home sales in Oakville for February 2010 was $171.5 million representing a total of 293 sales. The Average Price achieved was $586.0K and the Median Price was $498.9K. Average Number of Days on the Market was 25. To put these numbers into perspective a comparison to February 2009 proves useful. Sales were up 135 units or 85%. Average Sales Prices were up $143,239 or 32% and the Median Price was up $118,900 or 31%! Quite a change from the previous year.
While we are only two months into the New Year, the Year-To-Date (YTD) numbers are equally impressive on a year-over-year basis. To the end of February 2010, 488 residential sales have transpired compared to 243 in 2009, representing a 101% improvement. The YTD Average sales price is $572.8K versus $452.5K in 2009 (a 27% increase), while the YTD Median sales price is $381.0K versus $498.8K (a 31% increase).
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 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 and an increasing sense of optimism regarding the economic recovery continue 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. Buyers are cautioned to remain disciplined in their affordability calculations. 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