Oshawa's residential real estate market continued it's record setting pace in June with an average 20.2% annual selling price gain. The Toronto Real Estate Board's (TREB) latest market statistics show the average property at $437,835 - well up from last year's 364,359.
The average selling price of homes in the GTA this June was $746,546. This represents a 16.8% increase over 2015. Sales jumped 7.5% and new listings dropped 3.8% from last year.
Active listings were down a huge 31.4%, 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.
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 24.09%, compared to the TREB average of 15.96%. Other strong areas were Whitby (+19.86%) and Clarington (+19.76%).
Inventory levels continue at very low 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). 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 0.9 months inventory in the area. In Oshawa there is just 0.7 months inventory. Many home prices and types are experiencing bidding wars.
The average listing in Oshawa spent 9 days on the market, with 9 days in Ajax and 10 in Whitby. The TREB average was 15 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.