For
the month of August 2010, The Oakville, Milton and District
Real Estate Board *total sales transactions were 675, a
decrease of 17 per cent over August 2009. Overall, 2010 year
to date, total sales transactions are still ahead of 2009
transactions by a small margin of 2.5 per cent. When looking
at new listings coming onto the market in August, inventory
has slowed down when it compared to previous months in 2010,
but when compared to 2009 they are up nine per
cent.
“Sales,
while still at a high level when compared to overall to 2009,
have trended steadily lower over the last three months. The
Oakville market is seeing a significant decrease in August,
which could be attributed to reduced affordability and
exhausted pent-up demand. Meanwhile, increased listings are
sending overall market conditions back in favour of buyers,”
states Oakville, Milton and District Real Estate Board
President Jeff Mahannah. “I would expect that for both
Oakville and Milton, we will see demand decrease into the next
year and prices on average to be flat as we see fewer
first-time home buyers entering the
market.”
The
total value of sales processed through the Board
MLS®
System
declined in the month of August, but overall year to date we
are still seeing a very healthy increase. The Oakville, Milton
and area resale market reported $246,757,656 in **total dollar
volume of sales for August 2010, a decrease of 20 per cent
compared to 2009, but on a cumulative year to date basis,
there was a 17 per cent increase, according to Multiple
Listing Service® (MLS®) statistics released by The Oakville,
Milton and District Real Estate Board.
Residential
resales in Oakville for August 2010 are down by 26 per cent
over August 2009. The average price shows a tiny decrease of
.5 per cent, whereas the median sale price lists a small
increase; the average sale price is $525,566, the median price
is $453,500, which is a two per cent rise over the same month
in 2009.
Milton’s
sales are down by four per cent when compared to August 2009,
but consistently the average and median prices continue to
rise. The increase in the average residential resale price was
seven per cent, being recorded at $398,787. The median sales
price was $369,000, an increase of four per cent when compared
to August 2009.
"There
has been some talk recently in the media about the potential
for a housing bubble in Canada - - but I definitely do not
share these concerns. What we are witnessing is an adjustment
to higher levels of inventory and a shift to a buyer's
market,” remarks Mahannah. “I expect the real estate market
will experience a period of correction well into the fall of
this year. Prices and resales may flat-line short-term, but
will start moving again as we enter
2011".
Year
to date residential sales in Milton show a .5 per cent
increase when compared to 2009 and Oakville registers a two
per cent increase.
