Durham Region's real estate market is starting to exhibit more normal patterns as the impact of the 2017 spring market fades away from the year-to-year comparisons. Some areas are now showing growth in prices and even sales volume.
Prices have started moving higher over much of Durham Region, after trending upward for several months in a row then dipping lower in May. Active listings in the region are marginally higher this June, but are lower in a few municipalities.
Durham Region prices dipped 0.7% compared to June of 2017, but increased 2.2% from May 2018 levels. Now that we have passed the spring, comparisons to 2017 are becoming more typical than we saw up until April.
Average prices for all of TREB are now higher than both August's low and last year, 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 both yearly and recently.
The Toronto Real Estate Board's (TREB) latest market statistics show the average Durham property at $610,728 - up from last month's 597,485 by $13,243.
Sales volume fell 7.9% with 918 units sold versus 997 last June, but higher than May 2018, when there were 859 transactions.
The average selling price of homes in the GTA this June was $870,559. This represents a 5.0% increase since June 2017. Sales volume was down 1.4%.
Inventory - Balance Brings Back Negotiating
Active listings within the board increased 5.9%, 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 3.9% with 2303 active listings over 2216 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 close to being 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 8.86%, compared to the TREB average of -4.76%.
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 21 days on the market. The TREB average was 21 days.
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