Blog  //  Oakville Real Estate and GTA Market Watch

18 Nov. Posted by Ryan Crane in Oakville Real Estate Market | 0 comments
Oakville Homes

The Oakville Real Estate market is on track for a strong finale to 2011 as home sales remain brisk, according to figures released recently by the Oakville, Milton and District Real Estate Board.

The average price of an Oakville home increased to $641 909 in October, representing a gain of 16.6 per cent over the $550 636 average price reported in October 2010. The average selling price of a home in the GTA came in at $478 137, which was up eight per cent compared to the same time last year.

October sales of existing homes reported by Milton and Oakville Realtors through the OMDREB MLS® system totalled 754 – a 12.3 per cent increase over October 2010, and year-to-date sales showed a 9 percent gain over 2010. There are also more Oakville homes for sale as new MLS listings in the area were up by more than 10 percent in October 2011. This follows a 7.5 percent increase in September 2011 and points to a continuing strong response from sellers to the positive price gains over the past several months.

Greater Toronto Realtors reported 7,642 home sales through the TorontoMLS® in October 2011. This represented an increase of 17.5 per cent compared to the 6,504 transactions reported in October 2010.

Monthly sales data follow a recurring seasonal trend that should be removed before comparing monthly results within the same year. After adjusting for seasonality, the annualized rate of sales for October was 97,100, which was above the average of 90,700 for the first three quarters of 2011.

“The recent announcement by the Bank of Canada suggests that mortgage rates will remain at historic lows for some time to come,” says OMDREB President Jack McCrudden. “And we can expect that buyers will therefore continue to be attracted to our area. This supports our prediction that the Oakville Milton real estate market will remain vibrant into year end, winding up ahead of 2010 and well positioned to carry that strength into 2012.”

“The pace of October resale home transactions remained brisk in the GTA. This bodes well for a strong finish to 2011,” said Toronto Real Estate Board President Richard Silver. “Home buyers who found it difficult to make a deal in the spring and summer due to a shortage of listings have benefitted from increased supply in the fall.”

“Sellers’ market conditions remain in place in many parts of the GTA. The result has been above-average annual rates of price growth for most home types,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis. “Thanks to low interest rates, strong price growth has not substantially changed the positive affordability picture in the City of Toronto and surrounding regions.”

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18/11/2011 –  Article posted by Oakville Real Estate agent Ryan Crane, who's an Oakville Realtor that specializes in the Burlington, Milton, Mississauga, and Oakville Real Estate markets.You can find him at www.oakvillerealestate4sale.ca

Oakville Real Estate Agents website provides full access to all Oakville Homes for Sale and the Oakville MLS Listings including the sold prices for Oakville Sold Properties.

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