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John Owen, Broker | 905-434-0067

Durham Region Real Estate Market Report


Durham Region Real Estate Prices 2020


Daily Update follows the monthly figures on this post.


October once again set an all-time high average sale price for Durham Region real estate, with continued inventory shortages, even as sales volumes eased off from their highs set this summer.

October 2020 Durham Region Real Estate Market Report


Demand for all types of residential homes was evident in the results, with average prices setting new all-time highs, and multiple offer scenarios becoming commonplace at most price levels.


Price


Prices in Durham increased by 20.7% since October 2019 and up 0.9% since September 2020. 


The latest market statistics show the average Durham property at $740,436  - up versus last month's 734,038 by 6,398 (+0.9%).



Search Durham Listings with sold prices


Inventory


Active listings in Durham Region were 905 at the time this report was compiled. That is a 49.8% decrease from last year and a 13.1% decrease from September.


Currently, there are 1.1 months of inventory (trend figure, per TRREB - current figures are much lower), once again increasing buyer competition at properties at virtually all price points.



Demand


Sales volume in Durham Region increased 42.3% from last year with 1377 units sold versus 968 last October. It was down from September by 7.7%. This is the highest volume on record for the month of October.


The time a property takes to sell is called DOM or days on market. It was 12 in September.


Another indicator of demand is sale price compared to list price. It was 104% in Durham in September, 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 Region Detached Home Prices


Durham Region Detached Home Prices 2020


Durham Region Townhouse Prices 2020


Durham Region Condo Prices 2020


Durham Real Estate Market Statistics by City

Clarington Real Estate Market Report



Oshawa Real Estate Market Report 2020


Whitby Real Estate Market Report 2020



Ajax Real Estate Market Report 2020



Pickering Real Estate Market Report


Scugog Real Estate Market Report

Uxbridge Real Estate Market Report 2020


Buyers will now find multiple offer scenarios increasingly common right now, at least in south Durham communities and lower 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 to work 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 further without any obligation.


Durham Region Real Estate Daily Market Update


Durham Region Real Estate Market Update


Latest update - Nov 29, 2020 at 12:15pm


The real estate market in Durham Region is still strong, with low inventory and prices rising above all-time record levels set this summer, even as sales volumes have come down substantially over the past few months.


We are now seeing a sustained surge in prices from lows experienced during the COVID-19 economic shutdown. Sales volume has eased substantially from record levels in July, though it is still higher than what we experienced in April and May,


Durham Region Sellers Market


Supply is extremely tight with 0.7 months of inventory (MOI) for the region, with those areas in south Durham at the lowest levels. (This means that at the current pace of sales, with no new listings, all inventory would be sold within this time frame).


Some areas are more constrained. Oshawa, Whitby and Ajax have 0.5, 0.5 and 0.5 months of inventory, respectively.


In November, transactions reported thus far had selling prices averaging 759,609 in Durham Region, with the average property selling at 104.3% of list price (SP/LP). South Durham areas showed the highest ratios. This is a 3.5% increase from last month and a 23.8% increase from last year.



Durham Region Real Estate Prices


The rise in average prices reflects a higher number of properties selling at higher price points, combined with multiple offer situations at low and mid-range price points. If you look at the selling price to list price ratios in the above chart, most communities are showing sales at levels above asking.


This may also be indicative of stronger buyer activity and competition as COVID-19 restrictions became less stringent.


Durham Region Real Estate Market Sales Volume


Higher priced homes (over 800,000) are now selling faster and with more volume (334 units, 15.4 DOM, 102.7% SP/LP), as families looking for higher-priced detached homes are actively buying.


Most of the ones that are at the lower end of the price curve (under 800,000) are selling for much more than asking (638 units, 13.2 DOM, 105.7% SP/LP), indicating that there still is very strong demand out there.


Days on market (DOM) averaged 13.9 days. This figure has been trending lower recently as we head into colder weather.


Inventory levels are much lower now compared to late March and April when increases were indicative of the slowdown in listing activity due to COVID-19 mitigation efforts.


Pace of sales was at 37.4 units per day - down 24.8% from last month and up 16.1% from the same period last year. 


Buyers will now find multiple offer scenarios increasingly common right now, at least in south Durham communities and low to mid-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 to work 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.


John Owen

Broker, REALTOR®, RE/MAX Impact Realty

905-434-0067


* - 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.



Want to keep updated on Durham Real Estate? 

       



Older Reports

September 2020

August 2020

July 2020

June 2020

April 2020

March 2020

February 2020

January 2020

December 2019

November 2019

October 2019


More are in the archive. 


Member, Canadian Real Estate Association (CREA), Ontario Real Estate Association (OREA), Toronto Regional Real Estate Board (TRREB).

      

Comments:
Steve on Aug 12, 2019 11:23 AM posted:
So with the GM plant closure imminent and our bubble edging towards correction, Oshawa will surely decline much further in value in the coming years. Could this be a true statement?
John Owen on Aug 12, 2019 5:48 PM posted:
Hi Steve - news of the GM situation is from 2018, and has had very little impact on the local real estate market. Since the spring/summer of 2017, when the government imposed a number of measures to cool the market (along with changes to mortgage qualification rules that has prevented many families from being able to qualify to buy a home), the local market has been doing quite well. Given the relative shortage of supply in the GTA, combined with having some of the lowest prices in the region, the outlook for Oshawa's market is quite bright. Other factors helping bring demand to the local market include a high demand for student accommodation, expansion of the 407 and 412/418, and planned expansion of GO train service with more stations in both Oshawa and Clarington. Of course, no one can say what the market is going to do with certainty, but aside from economic factors that would trigger a wider slowdown (like a large interest rate increase, or recession), things look very good for Oshawa. John Owen, Broker RE/MAX Impact
Vish Patel on Jun 21, 2020 11:30 PM posted:
Hi! Do you think this pandemic and the super high unemployment rate which is over 10 percent will finally burst the property price bubble?
John Owen on Jun 22, 2020 9:10 AM posted:
Hi Vish - that's a good question, and the media has been speculating on this issue on a regular basis. Adding to the mix is CMHC forecasting up to an 18% drop in property values across Canada by mid-2021. They also tightened qualifying criteria for mortgages insured by them. My focus is on the local market, and current results don't align with the idea of the market going into a deep downturn. We did see a large drop in sales volume in April/May and a much smaller drop in prices. As of mid-June, both sales volume and prices had recovered to pre-COVID levels. COVID has created a pause in our market. The economy continues to open back up, and unemployment levels will come back down. Read my daily market updates to see more, and watch for a big turnaround in the June 2020 results.
Tifanny on Aug 30, 2020 9:00 AM posted:
Hello John! Why is Bowmanville which is further more east than Oshawa selling homes for more money ?
John Owen, Broker RE/MAX Impact on Aug 30, 2020 9:53 AM posted:
Hi Tiffany, Bowmanville (and Clarington overall) has higher selling prices than Oshawa overall, largely because there are neighbourhoods within central and south Oshawa that typically have smaller and older homes with much lower selling prices. These areas contain a lot of houses too, so the sales in those areas bring the averages down overall. If we looked at more specific areas or home types and ages, we would get a different picture.
Aaron on Nov 20, 2020 8:51 AM posted:
As of Nov 20, 2020, the Durham Region Real Estate - Residential numbers from 2020-11-01 to 2020-11-16 seems to have an issue. I am looking at Brock. Under "All Types", I see 16 units with avg selling price of 909,094. Under Detached, I see 13 units with an average selling price of 730,092. I don't see any condos or townhomes for Brock, but those extra 3 townhomes/condos would've had to sell for millions to make these figures work. I really appreciate this data that you have put together. It is a fantastic source of current info for the Durham Region real estate market.
John Owen, Broker RE/MAX Impact on Nov 20, 2020 9:27 AM posted:
Hi Aaron, thank you for the positive feedback! In the sales data that you mentioned for Brock, the numbers are correct. The 3 transactions not shown are for types of property not summarized in the chart. In this case, there was one farm and two parcels of vacant land. I provide the data for the most common types of listings in the graphic, as they are the most relevant to most sellers and buyers. There are even more types that listings could be categorized that do not have enough sales volume to be statistically relevant.

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