House Prices in Oshawa, Ontario, for January 2015 - Condo Townhouses
Real estate market data for Oshawa, Ontario, for January, 2015 provided by Brian Wiseman LL.B., CIPS of Keller Williams Energy Real Estate Brokerage
Oshawa House Prices – Condo Townhouses
(See explanation of 5 different house types)
Author’s Note:
In reviewing the market statistics for the month of January, it is relevant to note that, due to preparations for the holiday season, the holiday period itself (and the weather!), real estate activity is usually significantly lower than at other times of the year.
This should be kept in mind when considering the information in this Market Report.
Some points of Interest for January 2015:
ü The average price, for Condo Townhouses in Oshawa in January 2015, increased from $196,500 in January 2014 to $206,375 in January 2015 – an increase of $9,875 = 5.03%
ü The lowest average price for a month during the year was $152,190 in November 2014; the highest average price was $206,375 in January 2015.
ü The median price, for Condo Townhouses in Oshawa in January 2015, decreased from $200,500 in January 2014 to $193,000 in January 2015 – a decrease of $7,500 = 3.74%
ü 8 Condo Townhouses were sold in Oshawa in January 2015; this is 2 less than the 10 sold in January 2014
ü There were 15 new listings for the month; 3 less than January 2014
ü There were 13 active listings at the end of the month; 7 less than January 2014
ü Average sold price was 96.32% of listed price; in January 2014 it was 97.04%
ü Average days on market was 46.4; in January 2014 it was 38.7 days
Buyers’ Market, Sellers’ Market or Balanced Market?
For Condo Townhouses in Oshawa in January 2015:
· Ratio of Sales to New Listings:
Sales = 8; New Listings = 15
Ratio is 8/15 = 0.53 = 53%
As this is under 60%, it indicates a Balanced Market
· Absorption Rate – Ratio of Sales to Active Listings:
Sales = 8; Active Listings = 13
Ratio is 8/13 = 0.62 = 62%
As this is over 20%, it indicates a Seller’ Market
· Number of Months of Inventory:
Sales = 8; Active Listings = 13
13/8 = 1.63 months
As this is less than 4 months, it indicates a Seller’ Market
· Days on Market:
The average number of days that Condo Townhouses were on the market in January 2015 was 46.4 days
As this is less than 120 days, it indicates a Seller’ Market
· Ratio of Sold Price to Listed Price:
The average ratio of Sale Price to Listed Price was 96.32%
This is more consistent with a Balanced Market
The above show that there are mixed indications for the period.
However, the statistics generally indicate the continuation, but some softening, of the existing Sellers’ Market, for Condo Townhouses in Oshawa.
The Ratio of Sales to New Listings was 53%, just under the 60% indicator of a Sellers’ Market.
The ratio of Sold Price to Listed Price of 96.32%, combined with the average Days on Market of 46.4 days indicate that there were clear opportunities for Buyers to negotiate on price.
In commenting on real estate statistics for Toronto Real Estate Board (TREB), the Board’s President Paul Etherington said:
“The January results represented good news on multiple fronts. First, strong sales growth suggests home buyers continue to see housing as a quality long-term investment, despite the recent period of economic uncertainty. Second, the fact that new listings grew at a faster pace than sales suggests that it has become easier for some people to find a home that meets their needs.”
Jason Mercer, Director of Market Analysis for TREB said:
" Home price growth is forecast to continue in 2015. Lower borrowing costs will largely mitigate price growth this year, which means affordability will remain in check. The strongest rates of price growth will be experienced for low-rise home types, including singles, semis and town houses. However, robust end-user demand for condo apartments will result in above-inflation price growth in the high-rise segment as well.”
See 5 Essentials for a Buyer in a Sellers’ Market
Do you know that, as a potential buyer, in almost every case, you can have an agent working for you, without you having to pay for their service & advice?
This is because the buyer’s agent is usually paid by the seller’s agent.
It is advisable for buyers to use an agent who is totally independent from the seller’s (listing) agent.
This avoids any conflict of interest during negotiations for a purchase.
See 5 Reasons Why a Buyer SHOULD NOT Talk to a Listing Agent
Monthly Average Price and Number of Homes Sold
Oshawa Condo Townhouses
January 2014 to January 2015
You will see that, over the 13 month period:
· the monthly average sold price for a Condo Townhouse in Oshawa has ranged from a low of $152,190 (November 2014) to a high of $206,375 (January 2015)
· the number of Condo Townhouses sold in Oshawa in one month has ranged from 24 (April & July 2014) to 8 in January 2015
Average prices can be misleading, especially when the number of sales is relatively low.
High quality homes, selling for above average prices can skew the average sold price up for the particular month.
Similarly, lower quality homes, selling for below average prices can skew the average sold price down for a particular month.
When there is a significant increase, or decrease, in average sold price, it is worth comparing the average sold price with the median price for the same period.
For Condo Townhouses in Oshawa, the average sold price, in January 2015, was $206,375 in contrast to the median price, for the same period, of $193,000 a difference of $13,375.
You will note from the above graph that the average sold price in January 2015 was significantly higher than for the previous 6 months.
For this reason, it is likely that this difference between the average sold price and the median price, in January 2015, was due to higher priced sales in that month which skewed the average sold price up compared to the median price for the same period.
Average Ratio of Sold Price to Listed Price
Oshawa Condo Townhouses
January 2014 to January 2015
The average ratio of sold price to price asked (listed price) is an indication of demand for houses related to the listed price.
If a home is listed for $180,000 and it sells for $178,200, the sold price to ask price ratio is 99%.
You will see, from the above graph, that over the period, the ratio of monthly average sold price to listed price for Condo Townhouses in Oshawa ranged from a high of 100.28% (February 2014) to a low of 96.32% (January 2015).
You will note that, because of the scale of the graph, the range appears to be much wider than this.
During the relevant 13 month period, the ratio was quite volatile.
There were quite a few months when there appeared to have been strong competition among Buyers and little opportunity for Buyers to negotiate on price.
There were also other months when there was, quite clearly, significant opportunity for Buyers to negotiate on price.
This information is helpful when you are intending to make an offer on a home as it gives a general guideline on the price you may have to end up paying compared to the listing price.
However, it is a guideline only as the figures can vary significantly for individual properties.
Homes that are well priced for the current market tend to sell quickly and close to, or above, asking price.
Average Days on Market
Oshawa Condo Townhouses
January 2014 to January 2015
The average number of days that homes are on the market is an indication of:
· the period from when a home is listed for sale until it is Sold Firm (unconditional);
· the level of competition between potential buyers
You will notice, from the above graph that, from February to November 2014, the average days on market was below 26 days. It was significantly higher in the usually quiet months of January 2014, December 2014 and January 2015.
However, even for those quiet months, the average days on market were significantly less than the 120 days milestone for a Balanced Market, continuing the indication of a Sellers’ Market.
Homes that are well priced for the current market tend to sell quickly and close to, or above, asking price.
Oshawa Home Prices – Condo Townhouses
January 2015
Summary:
Although the sales of Condo Townhouses in Oshawa in January 2015 were less than half of the average number of sales for the summer months, there are clear indications that the Sellers’ Market conditions were continuing, although there are some signs that those conditions may be softening.
For Buyers, this means that:
· quality homes that are well priced will not be on the market for very long
· Buyers have to be in a position to make quick decisions when they find a home that is right for them
· Buyers should work with a real estate agent, independent from the listing agent, who will inform the Buyer immediately a home, that meets their criteria, is listed for sale
See 5 Essentials for a Buyer in a Sellers’ Market
For Buyers, the good news is that anecdotal evidence indicates that, during February 2015, there has been an increase in quality homes being listed for sale in Oshawa.
If this trend continues, it should make it easier for Buyers to find the home they are looking for during the coming spring and summer.
Find Homes for Sale in Oshawa, Ontario
YOU ARE INVITED to visit my website, at any time and as often as you like, to find pictures & details of homes for sale in Oshawa
For photos and details of attached houses, including Condo Townhouses, currently for sale in Oshawa:
You can also arrange to be notified when homes, that meet your criteria, come onto the market.
These services are available to you without obligation.
If you are thinking of selling, you can also:
ü Search on my website for homes, similar to yours, that would be competition for your home, if you list it for sale
ü Obtain an indication of the market value of your home
For answers to your questions, email me; or call 905-723-5944.
About the Author:
Brian Wiseman LL.B., CIPS, is a Sales Representative with Keller Williams Energy Real Estate Brokerage in Oshawa & Whitby, Ontario, Canada.
In his past lives, Brian was a Partner in Legal Practices, specializing in Real Estate and Business Law in Australia and a Principal of a successful Financial Planning Practice in Australia.
After the sale of his business interests in Australia, Brian started a new adventure by relocating to Canada with his Canadian wife.
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