Tuesday, July 5, 2011

June 2011 stats

There were 354 sales in June up from a year ago when we had 270 sales but down slightly from this May's 388 sales, for all types of housing. There were 162 2-storey home sales at an average price of $769,000 and at a respectable 25 days on the market. Condo apartment sales took
50% longer at 36 days on average on average and there were 35 sales this June.

The rental market was fairly busy with 89 sales.

26 homes sold above $1,000,000 and that's in line with June 2010's 27 sales.

The market has become softer with summer upon us and we are seeing a little more price cutting as Seller's put the push on to get their homes sold. Also, the banks are in the process of increasing fixed mortgage rates (only) anywhere from 5 to 15 basis points, which means 5 year money will be offered somewhere between 3.69% and 4.04% depending upon whom you back with. These mortgage rates are still very attractive. A year ago, 5 year money was 4.39%.

We are looking forward to increased activity starting about the third or fourth week of August. The fall market in Oakville has always been very strong.