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The month of June saw a rise in both average prices and home sales according to statistics released this week by the Toronto Real Estate board and the Oakville - Milton District Real Estate board. Greater Toronto Realtors reported 10,230 home sales through the TorontoMLS® system in June 2011 – up 21 per cent compared to June 2010. This number represented the third best June result on record behind 2007 and 2009. The number of transactions during the first six months of 2011 amounted to 48,189 – down by 4.5 per cent compared to the first half of 2010. Oakville Real Estate agents reported a total of 356 Oakville homes sold last month, up 24.5 per cent over June of 2010.

"The strong June result capped off an interesting first half of 2011," said Toronto Real Estate Board President Richard Silver. "The pace of sales was a bit sluggish at the beginning of the year, but rebounded in May and June. Because of the positive affordability picture, home buyers remained confident in their ability to purchase and pay for a home over the long term."

The average price for June transactions in the GTA was $476,371 – a 9.5 per cent increase over June 2010. Through the first six months of the year, the average selling price was $467,169 – almost an eight per cent increase compared to the same period in 2010. The average price of an Oakville home for the first six months of 2011 came in at $613,880 versus $572,046 for the same period in 2010 – an increase of 7 percent.

“Sales have increased for the second month in a row,” comments OMDREB President Jack McCrudden. “At the same time, prices are moderating, encouraging more buyers into the market.”

McCrudden notes that new listings in the OMDREB were virtually unchanged in June 2011 over 2010 – 1,536 compared to 1,537. “While the listings story is a positive one, there is still room for sellers wanting to attract interested homebuyers.” He adds: “If interest rates stay as they are, the Oakville real estate area can anticipate a healthy market over the next few months, with opportunities for both buyers and sellers.”

"While sales have been strong, we would be on track for a record number of transactions in 2011 if not for the decline in listings so far this year," said Jason Mercer, the Toronto Real Estate Board's Senior Manager of Market Analysis. "Tight supply meant more competition between home buyers and an accelerating annual rate of price growth in the second quarter."

"Home owners will likely react to the stronger price growth by listing their homes in greater numbers. A better supplied market would result in more moderate price increases," continued Mercer.

07/08/2011 – This Article was posted by Oakville Real Estate agent Ryan Crane, who is an Oakville Realtor who 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 of Oakville Sold Properties.

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

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