MONTHLY MARKET REPORT
December continued the trend of setting an all-time high average sale price for Durham Region real estate, with continued inventory shortages, even as sales volume fell substantially from highs set this summer.
December 2020 Durham Region Real Estate Market Report
Demand for all types of residential homes in Durham Region was evident in the results, with average prices setting new all-time highs, and multiple offer scenarios becoming commonplace at most price levels.
Prices in Durham increased by 21.5% since December 2019 and up 2.0% since November 2020.
The latest market statistics show the average Durham property at $778,037 - up versus last month's 762,739 by 15,298 (+2.0%).
Active listings in Durham Region were 286 at the time this report was compiled. That is a 56.1% decrease from last year and a 33.8% decrease from October.
There was 0.9 months of inventory at the end of December (trend figure, per TRREB - current figures are much lower), once again increasing buyer competition at properties at virtually all price points.
Sales volume in Durham Region increased 49.2% from last year with 733 units sold versus 518 last December. It was down from November by 29.0%. This is the highest volume on record for the month of December.
The time a property takes to sell is called DOM or days on market. It was 13 in December.
Another indicator of demand is sale price compared to list price. It was 107% in Durham in December, again showing very strong levels of buyer demand, as the typical property sold for well over list price.
These factors combined are a good barometer for sellers, as it shows that not only is current inventory moving at a rapid pace, but it is also selling at a price that is very close to or over asking.
Durham Region Prices by Home Type
Durham Real Estate Market Statistics by City
If you are interested in seeing values for an area not shown or are interested in other figures, please comment below or contact me. As always, give me a call anytime if you would like to discuss further without any obligation.
Broker, REALTOR®, RE/MAX Impact Realty
* - shading in the top chart signifies buyer or seller leaning stats - red is seller, blue is buyer with more intense shading signifying stronger impact.
Statistics are compiled from TRREB MLS® system, and may change as more sales are reported, errors corrected and deals that do not close are removed.
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