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The healthy fall market continued in November and early December throughout the GTA and the Oakville Real Estate area according to figures recently released by The Oakville, Milton and District Real Estate Board and the Toronto Real Estate Board. Greater Toronto and Oakville Realtors reported 7,092 residential transactions through the TorontoMLS® system in November – up 11 per cent in comparison to November 2010. At the same time, the number of new listings was up by 14 per cent in comparison to last year. There was also a healthy increase in the number of Oakville Homes for Sale.

The average price for November transactions in the GTA was $480,421, representing an increase of almost 10 per cent over the $437,494 that was reported in November 2010.

The average sale price in Oakville came in at $588,557. Year to date, the average prices are up 8.5 percent in Oakville and year-to-date sales were up by 8.8 percent, reflecting the market’s strong showing over the past several months. Oakville Real Estate Agents reported monthly sales totalling 642.  A decline of 5.9% compared to the 682 sales in November 2010.

“While we are experiencing the traditional drop in sales that occurs during the winter months, we remain on track for a strong finish in 2011,” says Jack McCrudden, 2011 President of The Oakville, Milton and District Real Estate Board. “As long as interest rates remain at their current historic lows, demand for housing in the Milton and Oakville Real Estate market will remain strong.”

The dollar value of all sales processed through the OMDREB MLS® system increased in November 2011 to $274,261,999 from $270,110,079 – up 1.5 percent. Year to date, the dollar volume of sales is ahead by 15.4 percent year over year.

“We have seen strong annual sales growth through the 2011 fall market. The increase in transactions has been broad-based, with strong growth across low-rise and high-rise home types throughout the Greater Toronto Area,” said Toronto Real Estate Board (TREB) President Richard Silver. “The market has also become better supplied, with annual new listings growth outstripping that of sales. As this trend continues into 2012, we will see more balanced market conditions.”

"Despite strong price growth this year, the housing market remains affordable in the GTA," said Jason Mercer, TREB’s Senior Manager of Market Analysis. "The correct method of assessing affordability is to consider the share of the average household’s income that is dedicated to mortgage principal and interest, property taxes and utilities. Currently, this share remains in line with generally accepted lending guidelines. Given this positive affordability picture, average price growth is forecast to continue in 2012, albeit at a more moderate pace."

For a complete breakdown of all Oakville Real Estate statistics, including local neighbourhood statistics click here.

For a complete breakdown of all GTA Real Estate statistics, including local neighbourhood statistics click here.

 

 

 

16/12/2011 – This article was posted by Oakville Real Estate agent Ryan Crane, who is an Oakville Realtor that specializes in the Mississauga, Burlington, Milton, and Oakville Real Estate markets.You can find him at www.oakvillerealestate4sale.ca

This 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.

Tags: Oakville Real Estate, Oakville Homes for Sale, Oakville Real Estate Agent, Oakville Real Estate Agents
 

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