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    « New North West Oakville High School | Main | RE/MAX Housing Report: First-Time Buyers Moving Ahead of Higher Interest Rates »
    Wednesday
    Apr132011

    Oakville Home Prices 2008-2011

    Home owners often complain to me that it's difficult to come by concrete data when it comes to the Oakville real estate market.  I spend hours pouring over data every week.  What may be tedious to some is absoutely fascinating to me but then again, I love extracting meaning from factual data.  This week, I thought I would give you a sneak peek of the type of information I typically share with clients face to face.  Without further adieu, here is a graph showing the average Oakville sale price over the past 3 years. 

     

    The average Oakville home is worth just under $610,000 year to date.  Bear in mind that Oakville's prices vary greatly with many multi million dollar homes bringing the average up.  I always like to look at averages in conjunction with median prices for this very reason.  The median sale price in Oakville year to date is $500,000.

    Many people are shocked to see how short the dip in prices were when the recession first hit in October 2008 however this is not surprising to many people in the industry.  The reality is that housing prices can fluctuate quite significantly month to month.  Often, by the time a statistic is known, the market has shifted so it's best to work with someone who is active in the local market you are most interested in.  

    Another interesting point in the graph occurs in summer 2010.  Interestingly, this dip in Oakville prices coincided with small but steady interest rate hikes.  If you recall, the media was heavily reporting an increase in rates last spring.  My experience was that many clients were motivated to buy and close before their rate hold expired in late July 2010 contributing to both strong spring prices and softer demand throughout the summer months.  Interestingly the media hype did not necessarly steer the public in the right direction regarding rates.  While the rates were low in the spring and temporarly increased in late spring/summer, I know several people who received rate holds last November/December that were significantly lower than spring rates.  Perhaps this is evidence that the media doesn't always know best...

    If you are interested in understanding the value of a home in the area, the best advice I have is to speak with a qualified professional.  Understanding market data has no doubt helped me obtain the best value for my clients. 

    If you're interested in finding out more about Oakville home values, I would love to hear from you.  I can be reached by email at lindsay@remaxaboutowne.com or by phone at 905.484.5162.

    Regards,
    Lindsay

     

     

     

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