September statistics released this week by the Oakville Milton and District Real Estate Board (OMDREB) indicate a continued strong local market for us.
The Board revealed that existing home sales in September 2011 totalled 765, which is a 12.7% increase over September 2010 which had sales of 679. The biggest increase in sales was in Milton with 181 sales in September 2011, compared to 130 in September 2010 (an increase of 39%, supporting Milton being one of the fastest growing communities in Canada). In addition, the total dollar volume of sales processed through the OMDREB MLS® system for September 2011 revealed an increase of 16.5% to a total of $312,998,734.
New listings continue to increase with sellers wanting to take advantage of the positive price gains. An increase of 7.5% was seen in new listings. OMDREB President Jack McCrudden commented; “Despite the current global economic uncertainty, real estate remains a great investment and buyers are responding.” Low mortgage rates continue to play a huge role in the increase in sales and motivated buyers. The average price for home sales in Milton was up 16% to $437,293 in September 2011 from last year and the average home in Oakville was up 5% to $582,316 in September 2011.
OMDREB President Jack McCrudden is confident that if low mortgage rates continue, we should have a strong market through to the end of the year.
Source: The Oakville, Milton & District Real Estate Board
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