MLS® resale housing activity in Oakville remained very strong in the third quarter of 2008.

Seasonally adjusted MLS® sales activity climbed 1.9 per cent on a quarter-over-quarter basis in the third quarter, to 1,569 units. This is the second highest level on record (seasonal adjustment removes normal seasonal fluctuations).

Single detached homes posted an 8.7 per cent year-over-year decline in activity in the third quarter, while sales of townhouse and row units numbered just three sales fewer than one year ago.

A total of 4,861 sales were recorded in the first nine months of 2008. This is the second highest level on record for third quarter year-to-date sales activity, down just 2.1 per cent from the record set over the same period last year.

In contrast to the slight decline in sales activity, active listings surged to record levels in both major housing categories. As a result, single detached home and townhouse and row unit buyers faced more balanced markets in the third quarter of 2008. Units therefore spent more time on market before being sold.

Median prices posted year-over-year gains in all both housing categories in the third quarter. The median price for single detached home sales edged up 0.7 per cent year-over-year to $437,900, while the median price for townhouse and row units was up 3.2 per cent year-over-year to $294,000.