Oshawa's real estate market started 2018 on a positive note for both buyers and sellers. The rampant bidding wars from this time last year are less common, and there is more inventory on the market, making for a good balance.
Oshawa prices dropped 6.0% compared to January of 2017, but they increased 2.8% over December, 2017 levels.
Average prices for all of TREB are still higher than August's low, as shown in the following chart (burgandy line), though the numbers since October are following a more typical price trend that we saw in the previous year (as prices were mostly rising regardless of season). Most of the areas in Durham Region (blue line) and Oshawa (purple) have increased since their low point in July, with varying performance since then.
Oshawa is at a high point since it's July low, showing good price performance compared to most GTA cities over the same period.
The Toronto Real Estate Board's (TREB) latest market statistics show the average Oshawa property at $493,888 - up from last month's 480,434 by $13,454.
Sales volume fell 26.3% with 137 units sold versus 186 last January, but well up from last month, when there were 89 transactions.
The average selling price of homes in the GTA this January was $736,783. This represents a 4.4% decrease since January 2017. Sales volume was down 22.5%.
The difference between TREB overall and Oshawa suggests that buyers seeking value are looking, and buying, in Oshawa over other areas that are seeing dips in volume and price.
Inventory - Balance Brings Back Negotiating
Active listings within the board increased 136.3%, which shows a shift in market fundamentals. The jump in inventory is helping to make the market more balanced - more inventory means less bidding wars as supply rises.
In Oshawa, the increase was 331.2% with 332 active listings over just 77 last year. This helps to explain why prices dropped from last year's levels.
The increase still isn't enough to make it a buyer's market, though. The average property in Oshawa still sold for 99% of asking. That's still close to being on par with the entire GTA, and is partly due to Oshawa still having the lowest average prices in the market.
The current trend shows only 1.7 months of inventory.
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 4.43%, compared to the TREB average of 5.16%.
Inventory levels continue at moderate levels with 1.6 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 1.6 months (if no new listings were added). In Oshawa, there is 1.7 months inventory.
The average listing in Oshawa spent 26 days on the market. The TREB average was 28 days.
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