MONTHLY MARKET REPORT
December brought closure to another record breaking year for Durham Region real estate. While prices in the overall GTA market dropped in December, Durham set another price record, even with sales volume dropping substantially from November levels.
Durham was by far the hottest market in the GTA, with the average property selling at 119% of list price. Peel was the next, with that figure well behind at 110%, and the average for all of the GTA was 109%.
Intense competition from buyers on listings is evident in the high number of offers on many listings. As a result, prices are continuing to see upward pressure.
December 2021 Durham Region Real Estate Market Report
Scarce inventory combined with low interest rates and strong demand for homes in Durham Region was once again evident in the results, with sale prices rising to all-time highs.
Prices in Durham rose by 32.8% since December 2020 and increased 3.4% since November 2021.
The latest market statistics show the average Durham property selling at $1,033,032 - up versus last month's 998,594 by 10,240 (+3.4%).
Active listings in Durham Region were 152 at the time this report was compiled. That is a 46.9% decrease from last year and a 58.2% decrease from November.
There were 0.5 months of inventory at the end of December (trend figure, per TRREB), once again increasing buyer competition at properties at virtually all price points. The figure for all of TRREB was 0.9, and 1.1 for Toronto.
Sales volume in Durham Region decreased 13.2% from last year with 671 units sold versus 773 last December. Last December was the previous highest volume on record for that month and reflects the market surge coming out of the first COVID-19 lockdown.
The time a property takes to sell is called DOM or days on market. It was 9 in December.
A key indicator of demand is sale price compared to list price. It was 119% in Durham in November, again showing extremely strong levels of buyer demand, as the typical property sold for well over list price. This figure was sharply higher than the GTA, which averaged 109% (the second highest region to Durham was Peel, with 110%).
These factors combined are still very strong metrics 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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