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.
