MONTHLY MARKET REPORT
The real estate market in Durham Region continued to recede in the month of April, with prices and sales volume lower and active listings continuing to climb. Much of the shift can be attributed to the recent increases in interest rates, and buyers having more inventory to choose from.
Even with the drop in sale prices and volume, Durham was by far the hottest market in the GTA, with the average property selling at 114% of list price. Toronto was next, with that figure well behind at 108%, and the average for all of the GTA was 107%.
The above chart shows how home prices in Durham compare to other regions in the GTA. This is one of the major reasons that the Durham market continues to have stronger performance than the rest of the GTA.
April 2022 Durham Region Real Estate Market Report
An increase in active listings of homes in Durham Region helped to temper demand, with sale prices coming down substantially from last month. They are down approximately 12.5% from February's peak.
Prices in Durham rose by 19.8% since April 2021 and fell 6.4% since March 2022.
The latest market statistics show the average Durham property selling at $1,075,332 - down versus last month's 1,148,685 by 73,353 (-6.4%).
Active listings in Durham Region were 1278 at the time this report was compiled. That is a 44.9% increase from last year and a 30.7% increase from March.
There were 0.6 months of inventory at the end of April (trend figure, per TRREB), although the true number is closer to 1.2 months. This sharp increase in inventory helps to explain the reduction in selling prices. The figure for all of TRREB was 0.9, and 1.2 for Toronto.
The time a property takes to sell is called DOM or days on market. It was 8 in April.
A key indicator of demand is sale price compared to list price. It was 114% in Durham in March, again showing 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 107%.
These factors combined are still powerful 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. What is apparent is that listings that are not well prepared, presented and marketed are having difficulty selling.
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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