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Resale housing sales continue to be strong in the Oakville Real Estate market, and throughout the GTA according to statistics recently released by The Oakville & Milton District Real Estate Board (OMDREB) and the Toronto Real Estate Board.

The average price of a home in the GTA rose by 9.3 per cent in September to $465 369 compared to the $425 757 reported in September 2010. The average price of a home in Oakville came in at $582 316.

GTA and Oakville Realtors reported 7,658 transactions in September – a 25 per cent increase over September 2010. Sales during the first three quarters of 2011 amounted to 70,588, representing a 2.6 per cent increase compared to the first nine months of 2010.

The dollar volume of sales processed through the OMDREB MLS® system increased by 16.5 percent in September 2011 to $312,998,734. Once again, the Board reported a climb in new listings, as sellers responded to higher prices in both Milton and Oakville.

“The 7.5 percent increase in new listings is area sellers’ response to the positive price gains over the past several months,” commented OMDREB President Jack McCrudden. “Despite the current global economic uncertainty, real estate remains a great investment and buyers are responding.”

McCrudden notes that record low mortgage rates remain the most significant factor in buyers’ housing purchase decisions. “Even though recent Statistics Canada figures indicate a decline in consumer confidence across the country, home buyers in this area are still influenced by record low mortgage rates and increased choice in the housing market.”

“If low mortgage rates continue, we’re looking forward to a strong market through to year end,” McCrudden concludes.

"We have experienced strong growth in sales so far this year, with a much more active summer compared to 2010. However, while sales have been strong, we have continued to experience a shortage of listings, resulting in more competition between home buyers," said Toronto Real Estate Board President Richard Silver.

"Over the past few months, the listing situation has started to improve, so we expect home buyers will have more homes to choose from in the months ahead." With annual growth in sales (+25 per cent) outstripping annual growth in new listings (+15 per cent) in September, market conditions became tighter and the average selling price continued to grow by close to 10 per cent on a year-over-year basis.

"Strong price growth through the first nine months of the year was mitigated to a great degree by low interest rates and rising incomes," said the Toronto Real Estate Board's Senior Manager of Market Analysis Jason Mercer. "As buyers continue to take advantage of the affordable home ownership options in the GTA, we remain on pace for the second best year for sales under the current TREB market area."

 

15/10/2011 –  Article posted by Oakville Real Estate agent Ryan Crane, who's an Oakville Realtor that 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
 

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