Oshawa built on it's impressive 2015 with another strong month in January, according to the Toronto Real Estate Board's (TREB) latest results .
The average selling price of homes in the GTA this January was $631,092. This represents an 14.1% gain over 2015. The average property price in Oshawa was $365,494 which is up 9.8% over January of last year, and still makes for the most affordable property markets in the GTA.
Sales volume for the board in December increased by 8.2% percent over the same period last year, with 4,945 transactions. New listings decreased by 6.4%, and active listings dropped by 14.1%, 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 29, down from 31 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 14.29%, compared to the TREB average of 11.21%. Other strong areas were Clarington (+21.21%) and Ajax (+16.05%).
Inventory levels continue at very low levels with 1.8 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 1.8 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 0.9 months inventory Some home prices and types continue to have bidding wars, even at this time of year.
The average listing in Oshawa spent 19 days on the market, with 21 days in Ajax and 18 in Whitby. The TREB average was 29 days, and 26 days in York Region.
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