The Oakville Milton and District Real Estate Board released the October market update last week. According to figures, the Oakville Milton housing market is leading us to a strong finish for 2011.
Large increases in sales year-to-date from last year show a promising local housing market. Total sales of existing homes in October totalled 754, a 12.3% increase from October 2010. Year to date, sales are showing a 9% increase from 2010. The largest jump was seen in Milton’s sales which increased by 32% from October 2010.
An increase in the average sale price in October 2011 for both Milton and Oakville was reflected by the total dollar volume of sales processed through the OMDREB MLS® system. The average sale price in Milton increased by 11% over October 2010 to $423,152, and in Oakville an increase of 18.5% to $641,909. In addition, new listings were up by more than 10% in October of 2011.
OMDREB President Jack McCrudden believes that the recent announcement from the Bank of Canada suggesting that mortgage rates will remain at historic lows for some time will have an effect on buyers continuing to be attracted to the Oakville Milton area. He predicts that the “….Oakville Milton real estate market will remain vibrant into year end, winding up ahead of 2010 and well positioned to carry that strength into 2013.”
Source: Oakville Milton and District Real Estate Board http://www.omdreb.on.ca/press/October%202011%20-%20OMDREB%20Market%20Report.pdf
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