The Toronto Real Estate Board has published stats for real estate sales for December. Oshawa continues to make progress in catching the surrounding markets in pricing. Also, the entire GTA is continuing to set new records.
The GTA set extended a calendar year sales record established in November, with the strongest sales year ever.
The average price of property in the GTA in December was $609,110. This represents a 9.5% gain over 2014. The average property price in Oshawa was $357,155 which is up a huge 17.9% over December 2014. This made Oshawa one of the strongest performing markets in all of the GTA.
Sales volume for the board in December increased by 11.9% percent over the same period last year, with 4,945 transactions. New listings increased by 8.4%, and active listings dropped by 10.7%, reflecting a continuation of this sellers' market, with less overall inventory at the end of the month. The average number of days that a listing spent on the GTA market was 29, down from 32 last year.
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 14.08%, compared to the TREB average of 10.01%. Other strong areas were Ajax (+13.22%) and Whitby (+11.8%).
Inventory levels continue at very low levels with 1.8 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 1.8 months (if no new listings were added). Many areas within the GTA have similar figures, but Durham Region still has the lowest inventory in the entire area. Overall, there is only 1.1 months inventory in the area. In Oshawa there is just 0.9 months inventory, with 0.9 months in Whitby. Some home prices and types continue to have bidding wars, even at this time of year.
The average listing in Oshawa spent 17 days on the market, with 15 days in Ajax and 23 in Whitby. The TREB average was 29 days, and 29 days in York Region. In north Durham (Scugog/Uxbridge), the inventory figure is now 2.8 and 3.0 months, with a higher days on market average, as well (28/70 days each).
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