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905-297-1016
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Statistical Year End Report
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The 2007 real estate market saw over 14,400 Multiple Listing Service (MLS) transactions, the highest number of annual sales on record. This is all the more notable considering the number of banner years the area has had this millennium.
The total volume of real estate sales in the area surpassed 3.9 billion dollars. This is the highest volume recorded in the association's history as well, which speaks to just how powerful the MLS marketing system is to the real estate industry.
In 2007, 75 percent of the number of properties listed were sold. The list to sale ratio is an excellent barometer to determine whether it is as buyers' or seller' market. Clearly, the advantage was to the seller while mortgage rates favoured buyers.
The strong demand and the relatively lean inventory of homes available for sale combined to generate a total market activity average price increase of 7.5 percent to approximately $272,800 for the area. This marks the thirteenth straight year of growth in real estate values.
Condominiums remain the most affordable housing option across all markets by far and accounted for close to one quarter of all resale activity. Condominium sales are thriving due to the busy lifestyles of commuters and empty nesters who want to spend more time traveling and for those who would like to eliminate worrying about the exterior maintenance of a residential home.
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MLS History Chart - Featuring the last 50 Years
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All Property Types
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YEAR
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LISTED
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SOLD
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$VOLUME
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$AVERAGE
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1957
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8,755
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3,773
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43,928,799
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11,643
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1967
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10,143
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5,522
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107,332,067
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19,435
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1977
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20,355
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6,769
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349,660,825
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51,656
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1987
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25,571
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11,392
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1,331,338,599
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116,866
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1997
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21,273
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10,612
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1,648,968,336
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155,387
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2007
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19,570
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14,411
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3,932,171,748
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272,859
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