Sales volumes were 238 down from 281 in 2010 but way up from this January's 175 sales. The average sales price of a detached 2-story home was $800,000, a healthy number and up from the $757,000 a year ago. That's almost a 6% sales price increase which unfortunately makes it difficult for those families trying to get into a detached home. January '2011 sales average was slightly higher at $807,000. But you can safely say that prices are holding.
The average days on market was 31 up from 21 last February. But a month is still very quick.
25 homes sold above the million dollar mark in February with 4 above $2,000,000. Among those upper end sales the highest was $8,000,000* for a Southwest Oakville lakefront estate. This of course continues to support the incredible attraction that Oakville offers.
Rental properties kept in line year over year with 62 rentals sales versus 61 last year. Sales went from $1,175 to $5,800.
The good news is there is a very positive energy in the market place and we are seeing a few multiple bid situations as a result. At the same time we are also seeing alot of new properties coming to market and the existing balanced market may soon turn into a buyer's market.
*I backed out the $8,000,000 sale to make more sense of the numbers. Had I not, the average sale price for a detached 2 storey in February would have been $929,000.
