Oakville Residential April 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 April 2010 was $208.5 million representing a total of 372 sales. The Average Price achieved was $560.5K and the Median Price was $485.2K. Average Number of Days on the Market was 23. To put these numbers into perspective a comparison to April 2009 proves useful. Sales were up 62 units or 20% from last April’s 310 units. Average Sales Prices were up $55.7K or 11% and the Median Price was up $50.2 or 11% as well.
The Year-To-Date (YTD) numbers are impressive when compared to 2009 results. To the end of April 2010, 1,222 residential sales have transpired compared to 789 in 2009, representing a 55% improvement. The YTD Average sales price is $562.9K versus $470.0K in 2009 (a 20% increase), while the YTD Median sales price is $485.2K versus $408.0K (a 19% increase).
With more listings coming onto the market each and every day as we head into the traditionally stronger spring selling season, the market is moving towards a more balanced state. 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. The increasing supply of listings together with the fulfilling of prior pent-up buyer demand should help moderate the price gains over the next few months.
My advice to my Seller clients is unchanged in 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 but also consider all the valid reasons why you are contemplating purchasing a new home versus simply looking at the transaction as just a monetary investment. That should help you put potential short term price or value fluctuations into perspective.
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