Durham Region Real Estate Daily Market
Monthly Market Report follows the daily figures on this post.
Latest update - October 20, 2021 at 9:15am
The real estate market in Durham Region continues to outperform most GTA markets, with low inventory, low interest rates, and strong buyer demand resulting in prices rising to all-time record 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).
Ajax and Clarington have 0.5 MOI. Oshawa and Whitby have 0.6 MOI.
In October, transactions reported thus far had selling prices averaging 961,937 in Durham Region, with the average property selling at 115.3% of list price (SP/LP). This is a 0.6% decrease from last month and a 29.8% 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 9.6 days.
Inventory levels are now trending higher than they were in July and August, which should help buyers that have been frustrated by the lack of homes to choose from.
Should new listings rise at a pace that is faster than current sales, then there would be more inventory for the pool of 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.
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 31.0 units per day - down 4.5% from last month and down 29.8% from the same period last year.
Buyers will 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.
Sellers should be considering getting on the market now or soon, and working with their agent to set their home apart from competitive listings while reaching the widest possible audience.
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
Now that the summer has passed, along with a federal election that had housing as a focal issue, it looks like people are getting back to the business of buying homes.
While supply remains at critically low levels in relation to sales volume, there is some good news for buyers. Active listings have picked up, as is to be expected in the fall.
What has also picked up, however, is competition on the listings that are selling, showing that there is still intense interest from buyers in the market. As a result, prices are continuing to see upward pressure.
September 2021 Durham Region Real Estate Market Report
Low 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 31.9% since September 2020 and increased 5.4% since August 2021.
The latest market statistics show the average Durham property at $968,136 - up versus last month's 918,133 by 50,003 (+5.4%).
Active listings in Durham Region were 585 at the time this report was compiled. That is a 54.2% decrease from last year and a 22.6% increase from August.
There were 0.5 months of inventory at the end of September (trend figure, per TRREB), once again increasing buyer competition at properties at virtually all price points.
Sales volume in Durham Region decreased 29.8% from last year with 1006 units sold versus 1492 last September. Last September was the 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 September.
A key indicator of demand is sale price compared to list price. It was 115% in Durham in September, again showing extremely strong levels of buyer demand, as the typical property sold for well over list price. This figure was sharply higher than other regions in the GTA, which averaged 106% overall.
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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