The number of home sales in Oakville in October 2009 was a whopping 78% higher than October a year ago. Last October saw the beginning of the tumble in the market but the sales rebounded this past spring and we began to see healthy sales stats once again. Consumer confidence returned and the excellent mortgage rates made for a winning combination.
The average sale price in Oakville in October 2009 was $600,705, up 12 percent from last October. The median sale price of $486,250 saw a 25% climb from the previous year. The average days on market shrunk from 41 in October 2008 to 32 this past month.
Our current market has swung to a seller's market in the low and mid price range. There is a good supply of buyers but low inventory which means that many homes are selling for list price or more with competing offers. Here is an article I wrote with some advice on How To Buy In A Seller's Market.
Many people feel that November and December is not the right time of year to buy or sell real estate but that is a misconception. Check out the following article on Buying and Selling in November and December.
Here are some charts showing the sales activity in Oakville for 2009.
Number of Home Sales- January - October 2009
Average Sale Price Per Hundred Thousand Dollars in Oakville - January - October 2009
Oakville Median Sale Price Per Hundred Thousand Dollars - January - October 2009
Stats Source: OMDREB Tarasoft Matrix
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Jenny - Confidence has certainly returned to the market in Oakville. October 2008 and November 2008 were among the worst months in years due to the sudden credit crunch, failures of major US financial institutions and more. The Canadian dollar also got very weak extremely fast at that time. Before the credit crunch, the CAD/USD exchange rate was around par and by the next month, it was around 1.20 or 1.25 (I'm doing this from memory as I was glancing at exchange rates earlier today).