The November Real Estate Market
December 2, 2011, Oakville/Milton – Looks like winter is here. Traditionally, the season to be jolly means a cooling of the resale housing market, as buyers busy themselves preparing for the holiday season.According to figures released today by The Oakville, Milton and District Real Estate Board area resale housing sales experienced a decline of 5.9 percent in November 2011 compared to the same period in 2010. Monthly sales totalled 642, compared to 682 in November 2010. At the same time, year-to-date sales were up by 8.8 percent, reflecting the market’s strong showing over the past several months.
“While we are experiencing the traditional drop in sales that occurs during the winter months, we remain on track for a strong finish in 2011,” says Jack McCrudden, 2011 President of The Oakville, Milton and District Real Estate Board. “As long as interest rates remain at their current historic lows, demand for housing in the Oakville/Milton market will remain strong.”
The dollar value of all sales processed through the OMDREB MLS® system increased in November 2011 to $274,261,999 from $270,110,079 – up 1.5 percent. Year to date, the dollar volume of sales is ahead by 15.4 percent year over year.
The average sale price in Oakville declined slightly by 0.1 percent in November 2011 to $588,557 from $589,354 in November 2010, while Milton’s average price increased 11 percent to $418,281. Year to date, the average prices are up 8.5 percent in Oakville and 6.5 percent in Milton.
*2011 Compared to 2010
For more information OMDREB/November
Source: Oakville, Milton and District Real Estate Board [OMDREB] www.omdreb.on.ca