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The tight market has resulted in strong price growth in April. Greater Toronto REALTORS® reported 9,041 existing home sales through the TorontoMLS® system in April 2011. This result was down 17 per cent compared April 2010 when sales spiked to a new record of 10,898. While off last year's record result, April 2011 sales were in line with the average April sales level reported over the previous five years. Oakville Real Estate agents reported 319 Oakville homes sold in April, which was down from the 392 reported in April of 2010. The decline is attributed to the lack of suitable Oakville Homes for sale to meet the demand in the current market.

"Existing home sales have been strong from a historic perspective through the first four months of 2011. Expect the pace of sales to remain robust through the spring, as the economy expands and home buyers continue to benefit from affordable home ownership opportunities," said Toronto Real Estate Board (TREB) President Bill Johnston.

Market conditions tightened markedly over the last year. April 2011 sales accounted for 62 per cent of new listings during the month – up substantially from 53 per cent in April 2010. Tighter conditions resulted in the average April selling price growing by nine per cent annually to $477,407. The average price of a home in the Oakville Real Estate market in April was $625 900, up 14 percent from the $551 187 reported a year earlier.

"The number of listings has been below expectations so far this year. Increased competition between home buyers has led to an accelerating annual rate of price growth," said Jason Mercer, TREB's Senior Manager of Market Analysis. "The strong price growth experienced in April should result in more listings and more balanced market conditions."

 

09/05/2011 – This article was posted by Ryan Crane, an Oakville Real Estate agent who works throughout the GTA and specializes in the Milton, Mississauga, Burlington, and Oakville Real Estate markets. You can find him at www.oakvillerealestate4sale.ca.

An Oakville Real Estate Agents site that has MLS tools so that you can find all the Oakville Homes for Sale and it gives you real access to all Oakville MLS Listings and the Oakville Selling Prices for 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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