Oshawa Real Estate – Number of New Listings and Sales
Oshawa 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 5.64% month over month but saw an increase of 0.34% year over year. The number of sales for the month also saw a decrease of 3.85% month over month but an increase of 11.24% year over year.
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 1.33 months – down slightly from 1.48 months at 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.
The average home price at the end of October 2015 was up 8.50% compared to October 2014 and increased 11.98% year over year. We also continue to see quality properties selling quickly with the average days on market before a home sells being just 14 days.
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.