MONTHLY MARKET REPORT - September 2022
Home prices remain much lower than earlier this year in Durham Region, as the effects of higher interest rates and inflation take a bite out of many buyer budgets.
While prices made substantial drops from February until July, things have been less volatile since then.
Durham continues to be a leader in price range within the GTA. The following graphic shows the average selling price for detached homes this September in major GTA regions.
September 2022 Durham Region Real Estate Market Report
Even with higher interest rates, strong demand and low inventory for homes in Durham Region was evident in the sales results, as prices held, and even increased, in most communities.
Prices for all home types in September averaged 915,027 - a drop of 5.5% from September 2021 (968,136 or -53,109).
The average Durham property was down just 0.6% from last month (920,269 or -5,242).
Active listings in Durham Region were 1090 at the time this report was compiled. That is a 86.3% increase from last year and a 2.8% decrease from last month.
There were 1.0 months of inventory at the end of September (trend figure, per TRREB). This is still very low compared to historical figures, and helps to explain why prices are stable. The figure for all of TRREB was 1.4, and 1.6 for Toronto.
The time a property takes to sell is called DOM or days on market. It was 18 in this month.
A key indicator of demand is sale price compared to list price. It was 99% in Durham this month, showing strong levels of buyer demand, as the typical property sold for very close to list price.
These factors combined are still very strong metrics for sellers, as it shows that not only is current inventory moving at a good pace, but it is also selling at a price that is close to 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
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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