Oshawa Real Estate is leading Durham Region in gains this past month, according to the Toronto Real Estate Board's (TREB) latest statistics.
The average selling price of homes in the GTA this February was $685,278. This represents an 14.9% gain over 2015. The average property price in Oshawa was $407,166 which is up an astounding 27.2% over February of last year, with market conditions showing no signs of slowing down anytime soon.
Sales volume for the board in February increased by 21.1 percent over the same period last year, with 7,621 transactions. New listings increased by 8.2%, and active listings dropped by 14.8%, 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 21, down from 23 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 15.53%, compared to the TREB average of 11.3%. Other strong areas were Clarington (+14.45%) and Ajax (+14.23%).
Inventory levels continue at very low levels with 1.7 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 1.7 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 0.8 months inventory Some home prices and types continue to have bidding wars, even at this time of year.
The average listing in Oshawa spent 13 days on the market, with 12 days in Ajax and 13 in Whitby. The TREB average was 21 days, and 20 days in York Region.
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