Oakville Residential March 2010 Sales Stats and Market Commentary
According to the Oakville Milton and District Real Estate Board (OMDREB) the dollar volume of home sales in Oakville for March 2010 was $189.5 million representing a total of 347 sales. The Average Price achieved was $544.3K and the Median Price was $471.5K. Average Number of Days on the Market was 20. To put these numbers into perspective a comparison to March 2009 proves useful. Sales were up 135 units or 64% from last March’s 212 units. Average Sales Prices were up $88.3K or 19% and the Median Price was up $77,950 or 20%. Q
As we now have the First Quarter 2010 behind us the Year-To-Date (YTD) numbers are impressive when compared to 2009 results. To the end of March 2010, 843 residential sales have transpired compared to 471 in 2009, representing a 79% improvement. The YTD Average sales price is $559.3K versus $441.7K in 2009 (a 27% increase), while the YTD Median sales price is $483.5K versus $381.0K (a 27% increase).
Detached Single Family homes represented the largest category comprising 220 of the 347 units sold (63%), followed by Semi/Townhouse at 72 units and Condos at 55 units. Single Family homes in the $400K-$600K price bracket accounted for 47% of the volume comprising the largest segment, followed by the $600K-$800K segment at 30%. For Semi/Townhouses the $300K-$400K was the largest at 65% of sales, followed by the $400-$600K bracket at 27%. For Condos, 49% of sales were in the $200K-$300K bracket and 26% were in the $300K-$400K range.
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 after only a few days on the market, we continue to be in a “Seller’s market” at the present time. Despite some recent mortgage interest rate increases and the recent policy change with respect to a benchmark rate for underwriting qualification, the continued low interest rate environment (by historical standards) and an increasing sense of optimism regarding the economic recovery 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 and the momentum of the traditionally strong spring selling season. 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 and summer months and this should soften the price escalations we have been witnessing.
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. I would be pleased to provide you with a Free Comparative Market Value Assessment for your home as well as an overview of my detailed Marketing Program that incorporates many leading edge technologies to broadly market your house for sale.
I look forward to hearing from you!
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