Clarington real estate opened the year with an exceptional average residential price gain of 24.9% over January of last year. The Toronto Real Estate Board's (TREB) latest market stats put the average property selling at $541,254 - well up from last year's 433,303.
The average selling price of homes in the GTA this January was $770,745. This represents a 22.3% increase over 2016. Sales volume was up 11.8% and new listings fell 17.6% from last year.
Active listings were down a massive 49.5%, 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 and marketed 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 24.27%, compared to the TREB average of 21.82%.
Inventory levels continue at very low levels with 1.1 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 1.1 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 0.7 months inventory in the area. In Clarington, there is just 0.7 months inventory. Many home prices and types are experiencing bidding wars.
The average listing in Clarington spent 16 days on the market. The TREB average was 19 days.
The average listing sold for 105% 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.