Durham Region Real Estate Daily Market Update
Monthly Market Report follows the daily figures on this post.
Latest update - Mar 2, 2021 at 9:00am
The real estate market in Durham Region continues to beat expectations, with low inventory, low interest rates, and prices rising to all-time record levels.
We are now seeing a sustained surge in prices from lows experienced during the COVID-19 economic shutdown. Sales volume has picked up sharply from the seasonal low reached in January.
Supply is extremely low, with only 0.6 months of inventory (MOI) for the region. (This means that at the current pace of sales, with no new listings, all inventory would be sold within this time frame).
Whitby has 0.5 MOI and Ajax has only 0.4 MOI.
In February, transactions reported thus far had selling prices averaging 898,160 in Durham Region, with the average property selling at 114.3% of list price (SP/LP). This is a 2.5% increase from last month and a 36.4% increase from last year.
If you look at the selling price to list price ratios in the top chart, most communities are showing sales at levels well above list price. The following chart shows the trend - another key indicator of why the market is so hot right now.
Days on market (DOM) averaged 7.4 days. This figure has dropped substantially since January.
Inventory levels are much lower now compared to last March and April when increases were indicative of the slowdown in listing activity due to COVID-19 mitigation efforts.
The pace of sales was at 50.2 units per day - up 116.0% from last month and up 58.9% from the same period last year. This is also rising very quickly.
Here's a look at sales in the region by brand. This chart shows firm residential sales according to the brand that listed the property. There are a number of big brands that don't fare well in this chart.
Buyers will now find multiple offers common through most price points. They are highly advised to get prepared - have their mortgage preapproval ready before looking at homes, and be prepared to view homes via photos and virtual tours as soon as they reach the market. Speak with your agent to discuss the process to move forward while being respectful of COVID-19 physical distancing and spread avoidance protocols.
Sellers should be considering getting on the market now or soon, and working with their agent to implement mitigation protocols for COVID-19. Many brokerages are now using tools to enable showings virtually, via video call, as well as conducting client meetings and signings remotely, using digital tools.
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 this further without any obligation.
MONTHLY MARKET REPORT
January started 2021 off with record numbers for selling prices for Durham Region real estate, with continued inventory shortages, even as sales volume continued to drop from December levels.
January 2021 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 33.6% since January 2020 and 12.6% since December 2020.
The latest market statistics show the average Durham property at $876,133 - up versus last month's 778,037 by 98,096 (+12.6%).
Active listings in Durham Region were 451 at the time this report was compiled. That is a 50.2% decrease from last year and a 57.7% increase from December.
There was 1.9 months of inventory at the end of January (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 11.1% from last year with 651 units sold versus 586 last January. It was down from December by 15.8%. This is the highest volume on record for the month of January
The time a property takes to sell is called DOM or days on market. It was 16 in January.
Another indicator of demand is sale price compared to list price. It was 110% in Durham in January, again showing extremely 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 well over list.
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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