Durham Region Real Estate Daily Market
Monthly Market Report follows the daily figures on this post.
Latest update - May 17 2021 at 10:30am
The real estate market in Durham Region continues to beat expectations, with low inventory, low interest rates, and strong buyer demand resulting in prices rising to all-time record levels. Watch out for rising interest rates and rising inventory levels!
Supply is very low, with 0.7 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).
Clarington has 0.5 MOI, while Whitby has 0.6 MOI.
In May, transactions reported thus far had selling prices averaging 901,225 in Durham Region, with the average property selling at 111.3% of list price (SP/LP). This is a 0.4% increase from last month and a 38.4% 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 9.2 days.
Inventory levels are on the rise. If new listings rise at a pace that is faster than current sales, then there will be more inventory for buyers to choose from, which will have the effect of reducing the sale price to list price ratio, then months of inventory stat, which leans the market closer to a balanced market.
Look at the charts below - last April, during the drop-off in sales volume due to the first wave of COVID, active listings remained high as sales volume dropped and prices fell off substantially. More recently, sales volume has been more in line with the number of active listings, which is why prices have increased or stayed stable.
The pace of sales was at 51.1 units per day - down 10.5% from last month and up 106.7% from the same period last year. Note that last year at this time, we were just emerging from the first lockdown phase of COVID-19.
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
April was a substantial test for the real estate market Durham Region. There were record-breaking numbers in February and March attributed to a shortage of listing inventory, low interest rates and high buyer demand.
Many economists and media outlets were, predictably, forecasting a sharp downturn in the market as they expected a big jump in listings combined with COVID-related lockdowns that would result in a big drop in demand and prices.
Well, that didn't happen, as sales volume largely kept pace with new listings, and prices were virtually unchanged. Sales volume did come down from March levels, though they were still the highest ever for April.
April 2021 Durham Region Real Estate Market Report
Strong demand, low interest rates, and scarce inventory of home listings in Durham Region were evident in the results, with sale prices very close to all-time highs.
Prices in Durham jumped by 46.6% since April 2020 and dipped 0.4% since March 2021.
The latest market statistics show the average Durham property at $897,741 - down versus last month's 901,322 by 3,581 (-0.4%).
Active listings in Durham Region were 882 at the time this report was compiled. That is a 22.4% decrease from last year and a 3.9% decrease from March.
There were 0.7 months of inventory at the end of April (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 304.9% from last year with 1771 units sold versus 513 last April. It was down from March by 14.7%. This is the highest volume on record for the month of April.
The time a property takes to sell is called DOM or days on market. It was 9 in April.
Another indicator of demand is sale price compared to list price. It was 111% in Durham in April, 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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