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The Oakville real estate market has been very healthy so far this year, and all indications suggest it is picking up strength coming into the spring market. The mild winter and lack of snow has had many buyers out looking earlier than usual, and the limited number of Oakville homes for sale has led to many homes selling quickly, often within days of coming on the market.

The average price of a home in Oakville came in at $685 155 last month, representing a 6.4 per cent increase over the average price in February 2011. The median sale price of an Oakville home rose by 15.3 per cent over the same period last year to $576 000.

Oakville Real Estate Agents reported 272 homes sold in February, which was up 10.5 per cent over the number of Oakville homes that sold in the same month last year.

The number of new listings for the month was also up by 3.3 per cent over the new listings reported in February 2011. While there are more new listings, the tight supply of Oakville homes for sale and the number of buyers in the market continues to push prices higher.

Greater Toronto REALTORS® reported 7,032 sales in February 2012 – up 16 per cent compared to February 2011. New listings were also up over the same period, but by a lesser 11 per cent to 12,684. It is important to note that 2012 is a leap year, with one more day in February. Over the first 28 days of February, sales and new listings were up by ten per cent and six per cent respectively.

“With slightly more than two months of inventory in the Toronto Real Estate Board (TREB) market area, on average, it is not surprising that competition between buyers has exerted very strong upward pressure on the average selling price. Price growth will continue to be very strong until the market becomes better supplied,” said Toronto Real Estate Board President Richard Silver.

“It is important to note that both buyers and sellers are aware of current market conditions. This is evidenced by the fact that homes sold, on average, for 99 per cent of the asking price in February,” continued Silver.

The average selling price in the TREB market area was $502,508 in February – up 11 per cent compared to February 2011. The Composite MLS® Home Price Index for TREB, which provides a less volatile measure of price growth compared to the average price, was up by 7.3 per cent compared February 2011.

“If tight market conditions continue to result in higher than expected price growth as we move into the spring, expectations for 2012 as a whole will have to be revised upwards,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “While price growth remains strong, the average selling price remains affordable from a mortgage lending perspective for a household earning the average income in the GTA.”

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

 

9/3/2012 – 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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