Oshawa's real estate market has a far more stable look to it this November with much less dramatic figures in its stats than earlier this year.
Prices made a 1.2% average annual price drop in November 2017.
Average prices for all of TREB have made a comeback from August's low, as shown in the following chart (red line), though the numbers in November are off from October. Most of the areas in Durham Region (blue line) and Oshawa (purple) have increased since their low point in July, with varying performance since then.
The Toronto Real Estate Board's (TREB) latest market statistics show the average Oshawa property at $475,938 - down from last year's 481,821, and also down from last month's 483,851.
Sales volume, however, was up 0.4% with 258 units sold versus 257 last November. The increase is an encouraging sign for local demand, as sales volume has been lower than last year for some time.
The average selling price of homes in the GTA this November was $761,757. This represents a 1.9% drop since 2016, but is up since July (746,218). Sales volume was down 13.7%.
Inventory - Driving the Current Market Trends
Active listings within the board increased 110.6%, 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. The increase is starting to stabilize market-wide, however.
In Oshawa, the increase was 266.9% with 488 active listings over 133 last year. This helps to explain why prices dropped from spring levels. Note that active listing increases in Durham are substantially higher than for TREB overall, and may help explain why prices have not recovered in some areas as much as they have in other GTA areas.
The increase still isn't enough to make it a buyer's market, though. The average property in Oshawa still sold for 99% of asking. That's still close to being 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 1.5 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 7.5%, compared to the TREB average of 8.41%.
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 also 1.5 months inventory.
The average listing in Oshawa spent 21 days on the market. The TREB average was 21 days.
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