Oshawa Real Estate is surging full throttle into the spring market, according to the Toronto Real Estate Board's (TREB) latest market statistics. It not only led Durham Region in price gains, it also outpaced all other major centres in the GTA!
The average selling price of homes in the GTA this April was $739,082. This represents an 16.2% gain over 2015. The average property price in Oshawa was $432,177 which is up 24.4% over March of last year.
Sales volume for the board in March increased by 7.4 percent over the same period last year, with 12,085 transactions. New listings decreased by 9.9%, and active listings dropped by 26.9%, reflecting a further tightening 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 15, down from 18 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 20.59%, compared to the TREB average of 12.64%. Other strong areas were Whitby (+14.98%) and Ajax (+18.18%).
Inventory levels continue at very low 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). Many areas within the GTA have similar figures, but Durham Region still has the lowest inventory in the entire area. Overall, there is only 1.0 months inventory in the area. In Oshawa there is just 0.8 months inventory. Many home prices and types are experiencing bidding wars.
The average listing in Oshawa spent 8 days on the market, with 7 days in Ajax and 10 in Whitby. The TREB average was 15 days, and 13 days in York Region.
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