Oshawa's residential real estate market seems to have forgotten that fall has arrived. Sales and prices normally tail off this time of year, but Oshawa is continuing to dominate the Durham Region and GTA with an average 32.9% annual selling price gain in September 2016. The Toronto Real Estate Board's (TREB) latest market statistics show the average property at $467,925 - up from last year's 352,143.
Oshawa led Durham Region in Selling Price to List Price ratio, with an average sale at 106% of list. It also topped the region in having the lowest inventory at 0.6 months.
The average selling price of homes in the GTA this September was $755,755. This represents a 20.4% increase over 2015. Sales volume was up 21.5% and new listings dropped 5.6% from last year.
Active listings within the board were down a huge 36.6%, which shows a tremendously strained inventory that makes for incredible demand on the listings out there and resulting in bidding wars galore on well-prepared properties.
What are homes selling for in Oshawa?
The MLS Home Price Index helps to normalize the statistics, by adjusting sales statistics to represent typical homes within MLS areas. When using these numbers, Oshawa showed a composite annual gain of 26.74%, compared to the TREB average of 17.97%. Other strong areas were Whitby (+22.31%) and Clarington (+25.56%).
Inventory levels continue at very low levels with 1.3 months of inventory on hand across the board. This means that a current sales levels, all of the property would be bought up in the GTA in 1.3 months (if no new listings were added). Many areas within the GTA have similar figures, but unsurprisingly to those who read my reports, Durham Region still has the lowest inventory in the entire area. Overall, there is only 0.8 months inventory in the area. In Oshawa, there are just 0.6 months inventory. Many home prices and types are experiencing bidding wars.
The average listing in Oshawa spent 10 days on the market. The TREB average was 16 days.
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