By: Shawn Lepp

CLARINGTON REAL ESTATE MARKET UPDATE ENDING OCTOBER 2015

Tags: Clarington Real Estate

Clarington Real Estate – Number of New Listings and Sales
Clarington real estate saw a decrease in the number of new listings coming onto the market compared to October 2014. The number of new listings decreased 17.06% month over month and decreased .04% year over year. The number of sales for the month also saw a decrease of 18.58% compared to October 2014 but showed an increase of 10.34% year over year.

 
 
Clarington Real Estate – Months Of Inventory (MOI)
The months of inventory indicator is used to determine supply and demand in the real estate industry. The MOI is calculated using the number of new listings divided by the sales. In other words, it no other homes came on the market, how long would it take to exhaust the current inventory. The chart below indicated that the MOI ending October 2015 was just 1.35 months – down slightly from 1.50 months the same time last year. When we see the MOI this low, it is indicative of a seller’s market and we often see higher sales prices as more buyers compete for quality listings.
 
Clarington Real Estate – Home Prices Have Increased
The average home price at the end of October was up 13.53% month over month and 14.79% year over year. We also continue to see quality properties selling quickly with the average days on market before a home sells being just 18 days.
 
 
Looking To See What The Market Is Doing In Your Area?
To get an accurate picture of what the real estate market is doing in your neighbourhood, I invite you to contact me today for more information.