Oshawa's real estate market showed slight gains in price, both annually and over August levels, this September. Sales volume picked up over August levels, as did the number of active listings.
Prices made just a 2.2% average annual price gain in September 2017.
Average prices for all of TREB have begun to make a comeback from August's low, as shown in the following chart (red line). Most of the areas in Durham Region (blue line) and Oshawa (purple) have increased since their low point in July.
The Toronto Real Estate Board's (TREB) latest market statistics show the average Oshawa property at $478,087 - up from last year's 467,925, and also up from last month's 473,013. Sales volume, however, was down 16.8% with 253 units sold versus 304 last September. The dip in volume was much softer than in previous months this summer.
The average selling price of homes in the GTA this September was $775,546. This represents a 2.6% increase over 2016, but a drop from July (746,218). Sales volume was down 35.6%.
Inventory - Driving the Current Market Trends
Active listings within the board increased 69%, 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 168.1% with 547 active listings over 204 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 1.2 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 12.5%, compared to the TREB average of 12.2%.
Inventory levels continue at moderate levels with 1.5 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 1.5 months (if no new listings were added). In Oshawa, there is just 1.2 months inventory.
The average listing in Oshawa spent 22 days on the market. The TREB average was 24 days.
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