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The tight supply of Oakville homes for sale last month helped lead to a stronger price increase than was expected in the Oakville Real estate market for the month of April. As the number of new listings dropped during the month of April, so too did resale housing sales, according to figures released by the Oakville, Milton and District Real Estate Board this week. New listings in the Milton and Oakville Real Estate areas declined from 1,764 in April 2010 to 1,558 last month, a drop of 11.6 percent year over year.

“In part, the drop in listings has created a situation where buyers’ choices are limited,” comments Jack McCrudden, OMDREB President. “and that translates into a decline in sales and as well as an increase in the average price of a home, with buyers competing for fewer properties. The unusually rainy spring has slowed the usual increase in listings but the higher prices and good weather should bring more sellers into the market next month. Meanwhile buyers attracted by historically low interest rates remain enthusiastic about homeownership, so spring could see an upswing in sales.”

Oakville Real Estate Agents reported 319 residential sales last month, which was down from the 392 that were reported during the same month last year. Oakville Homes sold last month in an average of 29 days, with many selling almost immediately after coming on the market. The average price in the Oakville Real Estate market was $625,900 in April 2011, up 14 percent from $551,187 for the same month last year. In Milton, the average price increased 5 percent to $411,819 from $392,466 in April 2010. Fifteen homes in the $1.5 million to $2 million plus range were sold in April 2011, compared to 10 during the same period last year. This may in part account for the higher average price last month. “Sales of luxury homes did increase in April 2011 over the same month last year,” says McCrudden. “And this does tend to skew the average price. That said, it remains a good market for sellers and hopefully the better weather will encourage more listings.”

May and June should bring in more Oakville Homes for Sale, giving buyers a little more choice, and helping to balance out the very hot Oakville Real Estate market.

 

10/05/2011 – This article was posted by Oakville Real Estate agent Ryan Crane who works throughout the GTA and specializes in the Mississauga, Burlington, Milton, and Oakville Real Estate markets. You can find him on www.oakvillerealestate4sale.ca

Oakville Real Estate Agent website that offers MLS tools so you can find all Oakville Homes for Sale and it gives you access to all the Oakville MLS Listings plus the Oakville Selling Prices of Oakville Sold Properties.

Tags: Oakville Real Estate, Oakville Homes for Sale, Oakville MLS Listings, Oakville Real Estate Agents, Real Estate Outlook
 

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