Oshawa's residential real estate market skyrocketed to levels previously unseen in February. It posted an unbelievable 48% average annual price gain in February 2017.
The Toronto Real Estate Board's (TREB) latest market statistics show the average property at $601,625 - up from last year's 406,459.
The average selling price of homes in the GTA this February was $875,983. This represents a 27.7% increase over 2016. Sales volume was up 5.7% and new listings dropped 12.5% from last year.
Active listings within the board were down a massive 50.5%, which shows a tremendously strained inventory. That makes for incredible demand on the listings out there and resulting in bidding wars galore on well-prepared properties.
What are homes selling for in Oshawa?
Oshawa posted an astounding Selling Price to List Price ratio, with an average sale at 113% of list - one of the highest in the GTA. It topped the GTA in having the lowest inventory at 0.5 months. These two stats illustrate just how tight the Oshawa market is right now, and also help explain why prices are rising at an unprecedented rate.
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 30.69%, compared to the TREB average of 28.83%.
Inventory levels continue at very low levels with 1.0 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 1.0 months (if no new listings were added). Many areas within the GTA have similar figures, but unsurprisingly to those who read my reports, Durham Region still has the lowest inventory in the entire area. Overall, there is only 0.6 months inventory in the area. In Oshawa, there is just 0.5 months inventory. Many home prices and types are experiencing bidding wars.
The average listing in Oshawa spent 7 days on the market. The TREB average was 13 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.