January sales stats are out, and the story is already building for a strong 2015! According to The Toronto Real Estate Board (TREB) residential real estate sales for January, 2015 show continued signs of strength for the Durham Region market.
Sales volume for the board in January rose by 6.1 percent over January 2014, with 4,355 home sales. New listings also rose 9.5%.
With an average MLS selling price of $552,575 prices gained an average 4.9% year-over-year across the board.
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, Whitby showed very strong figures this month, with a composite annual gain of 11.40%, compared to the TREB average of 7.47%. Other strong areas were Oshawa (+10.39%), Pickering (+10.82%) and Markham (+11.71%).
Inventory levels continue at very low levels with 2.2 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 2.2 months (if no new listings were added).
Many areas within the GTA have similar figures, but Durham Region still has incredibly tight inventory numbers. Overall, there is only 1.5 months inventory in the region. In Ajax, there are just 1.0 months inventory, with 1.3 months in Oshawa and 1.2 in Whitby. For many home types and price ranges, properties continue to be snapped up at a rapid pace.
The average listing in Whitby and Ajax spent just 20 days on the market, with Oshawa and Clarington at 23. The figure increased to 30 in Pickering. The TREB average is 31 days, and 32 days in York Region. In north Durham (Scugog/Uxbridge), the inventory figure is now 3.5 and 3.7 months, with a higher days on market average, as well (54 and 61 days).
Highlights from this month include a single family detached annual gain of 13.15% in Whitby, and single family attached gaining 11.38% in Oshawa. 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
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