Clarington was Durham's best performing market in August 2016 with an average residential price gain of 28.2% over August of last year. The Toronto Real Estate Board's (TREB) latest market stats put the average property selling at $502,449 - substantially up from last year's 391,926.
The average selling price of homes in the GTA this August was $710,410. This represents a 17.7% increase over 2015. Sales jumped 23.5% and new listings dropped 1.2% from last year.
Active listings were down a huge 37.8%, 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.
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, Clarington showed a composite annual gain of 20.52%, compared to the TREB average of 17.23%. Other strong areas were Whitby (+20.72%) and Oshawa (+24.71%).
Inventory levels continue at very low levels with 1.4 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 1.4 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 Clarington there is just 0.8 months inventory. Many home prices and types are experiencing bidding wars.
The average listing in Clarington spent 14 days on the market, with 11 days in Oshawa and 10 in Whitby. The TREB average was 18 days.
The average listing sold for 102% of asking, again demonstrating that demand is very strong, and a clear indication of multiple offers on many listings.
If you are interested in seeing values for an area not shown, or are interested in other figures, please comment below or send me an email - John@JohnOwen.Realtor As always, give me a call anytime if you would like to discuss further without any obligation.
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Member, Canadian Real Estate Association (CREA), Ontario Real Estate Association (OREA), Toronto Real Estate Board (TREB).
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