Durham Region's real estate market is heading into August with mixed results in terms of pricing, though sales volume is up in most areas across the region. Buyers look to be entering the market again, which is helping to drive both volume and price growth in many areas.
Prices in Durham Region increased 2.5% over July of 2017, though they are down 4.4% since June. The monthly decline in pricing is typical for a summer pattern and shows promise with the annual increase.
Average prices for all of TREB followed a similar trend, with an annual gain combined with a monthly drop, as shown in the following chart (burgundy line), though the numbers since October are following a more typical price trend that we saw in the previous year (as prices were mostly rising regardless of season). Most of the areas in Durham Region (blue line) have also increased yearly with some dropping recently.
The Toronto Real Estate Board's (TREB) latest market statistics show the average Durham property at $584,131 610,728 - down from last month's 610,728 by $26,597.
Sales volume jumped 6% with 794 units sold versus 749 last July.
The average selling price of homes in the GTA this July was $782,129. This represents a 4.8% increase since July 2017. Sales volume was up 17.6%.
Inventory - Balance Brings Back Negotiating
Active listings within the board increased 5.2%, which shows a shift in market fundamentals. The jump in inventory is helping to make the market more balanced - more inventory means less bidding wars as supply rises.
In Durham, the increase was just 1% with 2194 active listings over 2172 last year.
The increase still isn't enough to make it a buyer's market, though. The average property in Durham sold for 98% of asking. That's on par with the entire GTA, and is partly due to Durham having the lowest average prices in the region.
The current trend shows 2.4 months of inventory.
What are homes selling for in Durham Region Cities?
The MLS Home Price Index helps to normalize the statistics, by adjusting sales statistics to represent typical homes within MLS areas. When using these numbers, Oshawa showed a composite annual drop of 4.17%, compared to the TREB average of -0.59%.
Inventory levels continue at moderate levels with 2.6 months of inventory on hand across the board. This means that a current sales levels, all of the property would be bought up in the GTA in 2.6 months (if no new listings were added). In Durham, there is 2.4 months inventory.
The average listing in Durham spent 24 days on the market. The TREB average was 25 days.
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