Oshawa's real estate market, along with Durham Region, is bucking the GTA trend with an uptick in prices following a downtrend this summer.
Prices made just a 2.6% average annual price gain in August 2017, but they also increased over July levels, which is much different than the situation across the GTA.
Average prices for all of TREB have come down substantially since the spring peak, and continue to do so, as shown in the following chart (red line). Note that most of the areas in Durham Region (blue line) and Oshawa (purple) have increased since July.
The Toronto Real Estate Board's (TREB) latest market statistics show the average Oshawa property at $473,013 - up from last year's 446,441, and also up from last month's 467,057. Sales volume, however, was down 26.5% with 236 units sold versus 321 last August.
The average selling price of homes in the GTA this August was $732,292. This represents a 3.1% increase over 2016, but a drop from July (746,218). Sales volume was down 35.7%.
Inventory - Driving the Current Market Trends
Active listings within the board increased 65.0%, 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 298% with 525 active listings over 132 last year. This helps to explain why prices dropped from spring levels.
The increase still isn't enough to make it a buyer's market, though. The average property in Oshawa still sold for 98% of asking. That's still on par with the entire GTA, and is partly due to Oshawa still having the lowest average prices in the market.
While inventory levels did increase, the levels are still low. The current trend shows only 1.1 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 17.32%, compared to the TREB average of 14.25%.
Inventory levels continue at moderate 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). In Oshawa, there is just 1.1 months inventory. Some home price ranges and types are still experiencing bidding wars.
The average listing in Oshawa spent 22 days on the market. The TREB average was 25 days.
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.
Member, Canadian Real Estate Association (CREA), Ontario Real Estate Association (OREA), Toronto Real Estate Board (TREB).
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