Blog  //  Oakville Real Estate and GTA Market Watch

Home » Blog » Oakville Real Estate and GTA Market Watch

Existing home sales in the Oakville Real Estate market increased significantly in July reflecting a strong local real estate market. Oakville Real Estate agents reported a total of 290 Oakville homes sold last month, up 46 per cent from the 199 reported in July 2010. The average price of a home in Oakville rose to $602 342 in July, up 19 per cent over the average price of $504 097 that was reported in July 2010. Another positive note was that there were more Oakville homes for sale, making it a little easier for buyers to find the perfect home. New listings in Oakville increased by 13 per cent after having remained flat over the previous few months. The year-to-date home sales in Oakville totalled 2182 at the end of July, and the year-to-date average selling price came in at $611 758.

“The fact that listings have increased is a positive sign,” comments Jack McCrudden, President of the Oakville, Milton and District Real Estate Board. “It indicates that sellers are comfortable with the state of the local real estate market, and of course it offers buyers more choice. “With continuing low interest rates and more choice, I expect the market in our area to remain strong into the fall,” he noted.

Greater Toronto & Oakville REALTORS® reported a total of 7,922 transactions through the TorontoMLS® system in July 2011, representing a 23 per cent increase over July 2010. (TREB figures cover all areas in the GTA and include Oakville Real  Estate sales information) Total sales through the first seven months of this year amounted to 55,863 – down by 1.3 per cent compared to the same period in 2010. After adjusting for seasonal fluctuations, the July figure continued to point to an annual sales result close to 90,000 – in line with results from the previous six months. The average selling price in in the GTA for July was $459,122 – up by almost 10 per cent compared to the July 2010 average of $418,675.

"Strong home sales continued in July, with a substantial rebound over last summer’s slow-down brought about by higher mortgage rates, new lending guidelines and misconceptions about the HST. The greatest rebound was seen in the condominium apartment segment in the City of Toronto," said Toronto Real Estate Board President Richard Silver. "If the current pace of sales holds up, we could see the second best year on record under the current TREB market area."

“Tight market conditions have boosted the annual rate of price growth this year. However, the listings situation is starting to improve. A better supplied market later this year and into 2012 would lead to a more sustainable rate of price growth,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.­­­

 

08/12/2011 – This Article was posted by Oakville Real Estate agent Ryan Crane, who is an Oakville Realtor that works throughout the GTA and 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.

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

Write a comment

Name:
Email:
Subject:
Comment: *

Help prevent spam - enter security code above: