The February 2010 Real Estate Market was Golden! (Oakville & Milton)

(March 2010 – Oakville – Milton, Ontario) For the month of February 2010, The Oakville, Milton and District Real Estate Board *total sales transactions were 786, an increase of 45 per cent over February 2009. Sales have shot up sharply in the last two months, confirming an increasingly strong market. This is verified by looking at February sales from years past, compared to 2008 they are 14 per cent ahead and 47 per cent ahead when compared to those in February 2007. The total value of sales processed through the Board MLS® System also demonstrates a consistent increase. The Oakville, Milton and area resale market reported a **total dollar volume of sales for the February 2010 of 115 per cent higher than 2009 and 127 per cent year to date, according to Multiple Listing Service® (MLS®) statistics released by The Oakville, Milton and District Real Estate Board.

“Our market is very healthy and sustained low interest rates have made it a great time for buyers and sellers. I anticipate an even stronger market for the up-coming Spring,” states Oakville, Milton and District Real Estate Board President Jeff Mahannah. “Even with the government changes to the mortgages rules of limiting buyers to a mortgage of 35 years and requiring a minimum of five per cent down payment, I predict that we are going to see records set for real estate sales and prices this year.”

Residential resales in Oakville for February 2010 are up by 85 per cent over February 2009 with an average price of $586,031 and a median price of $498,000 representing a 32 per cent and 31 per cent increase respectively over the same month last year. The luxury market is very healthy in Oakville, recording 22 sales over a $1,000,000 in February 2010, compared to 4 in February 2009.

Milton’s sales were up by 67 per cent and the average sale price was $381,134, an increase of 23 per cent when compared to February 2009.

Year to date residential sales in Milton show a 72 per cent increase when compared to 2009 and Oakville demonstrates a very healthy 101 per cent increase.

Also notable are the Days on the Market Activity for both Milton and Oakville. For Milton in February buyers had to move quickly and make decisions fast as the average time period was 13 days. Oakville also had a very short time period of 25 days, indicating we are in a seller’s market. Consumers should note that the comparisons to 2009 to 2010 will continue to be extreme through to the beginning of the second quarter due to the low sales activity during that period in 2009.

*The total sales are comprised of all sales by OMDREB Members, regardless of jurisdiction.
**Total dollar volume of sales reflects “all property types” including residential, condominiums,
commercial property, farmland and sale of businesses.

Source: The Oakville, Milton and District Real Estate Board

These are some exciting sales figures. If I can be of assistance with any of your Real Estate needs please do not hesitate to contact me at 905-330-1241 or rdavison@trebnet.com .

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