While May was impressive in the way the Durham real estate market rebounded from COVID-19, June sent the market into new highs for the year in prices and volume.
Demand for single-family homes was evident in the results, with average prices being much higher than during the past few months, and multiple offer scenarios becoming commonplace at higher price levels.
Prices in Durham increased by 10.2% since June 2019 and jumped 5.2% since April 2020. They are now at a high for the year.
The latest market statistics show the average Durham property at $685,655 - up from last month's 651,590 by $34,065 (+5.2%).
Active listings in Durham Region were 1282 at the time this report was compiled. That is a 44.7% decrease from last year and an 11.6% increase from May.
Currently, there are 1.6 months of inventory (trend figure, per TRREB - current figures are lower), once again increasing buyer competition - although less so on properties at the high end of the price spectrum.
Sales volume in Durham Region increased 17.2% from last year with 1281 units sold versus 1093 last June. It was up from May by 66.4%.
The time a property takes to sell is called DOM or days on market. It was 15 in June, well down from the 22 days average in May.
Another indicator of demand is sale price compared to list price. It was 101% in Durham in June, again showing very strong levels of buyer demand, as the average property sold for more than 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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