An article by the Oakville, Milton and District Real Estate Board in Wednesday’s Oakville Beaver brings us good news on our local real estate market. The summer months were good for our market, where we saw area existing home sales in August increased by 10.3% over the same period last year.
Further evidence of a strengthened market is clear when one reviews the Oakville, Milton and District Real Estate Board’s statistics. Sales in August 2011 totalled 770, compared to 698 in August 2010. Furthermore, the total value of sales processed through the Board’s MLS® system showed a 21.4% gain from $253,718,034 in August 2010 to $307,986,049 in August 2011.
In addition, Milton saw an increase of 12% in the average price of a home over the past year to $439,683 and Oakville saw an increase of 16.5% to $613,408 over last year’s August figures. New listings continue to increase for the second month in a row setting the stage for a lucrative fall market, with lots of choices for motivated buyers.
Jack McCrudden, President of the Oakville, Milton and District Real Estate Board predicts a stable market for the next few months, stating that is expected that mortgage rates will remain low into 2012. With the low interest rates and increase in inventory, it makes it a great time for first-time home buyers to enter the market.
Source: The Oakville, Milton and District Real Estate Board, The Oakville Beaver – September 21, 2011
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