9.5% Increase in Median Sale Price Underpins Declining Units
BEYOND THE DOOM AND GLOOM | THE REAL NUMBERS
If you are presently selling your home or considering the purchase of a home you have surely witnessed the steady stream of Real Estate doom and gloom that has littered the popular press. Here is some local market data that you have probably not seen published.
LOCAL REAL ESTATE BOARD DATA TELLS A DIFFERENT STORY!
AVERAGE SALE PRICE INCREASES BY 5.8% FOR MONTH OF AUGUST
In it's public newsletter "News and Views", The Oakville Milton District Real Estate Board (OMDREB) reported a 22% decrease in the number of residential sales in the month of August 2008 versus 2007. There has been a tendency in the media to place an emphasis on the decline in units sales and to completely overlook the continued increase in the selling price. OMDREB is presently reporting a 5.85% increase in the "average sale price*" from $504,019 in 2007 to $533,450 in August 2008. The "median sale price**" increased by 9.5% from $396,000 to $433,500 for the same period. *The average home price is found by adding the value of all sales and dividing the number of homes. **The median sale price is the midpoint of all sales. Source: Oakville, Milton and District Real Estate Board as published at www.omdreb.on.ca.
