August was another record-setting month in Durham Region real estate, with a new all-time high for average selling price. If you would like to see September figures, please see my Daily Market Update, starting September 4.
August 2020 Durham Region Real Estate Market Report
Demand for all types of residential homes was evident in the results, with average prices setting an all-time record, with multiple offer scenarios becoming commonplace at most price levels.
Prices in Durham increased by 19.5% since August 2019 and jumped 3.5% since July 2020. They are now at a high for the year, and all-time.
The latest market statistics show the average Durham property at $734,136 - up from last month's 709,640 by $24,496 (+3.5%).
Active listings in Durham Region were 1105 at the time this report was compiled. That is a 42.4% decrease from last year and a 6.8% decrease from July.
Currently, there are 1.3 months of inventory (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 44.8% from last year with 1515 units sold versus 1046 last August. It was down from July by 4.3%. This is the second-highest month on record (July 2020 set the all-time record for Durham).
The time a property takes to sell is called DOM or days on market. It was 18 in August.
Another indicator of demand is sale price compared to list price. It was 103% in Durham in August, 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 Real Estate Market Statistics by City
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.
Broker, REALTOR®, RE/MAX Impact Realty
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