Durham Region Real Estate Daily Market
Monthly Market Report follows the daily figures on this post.
Latest update - May 4 2021 at 10:30am
The real estate market in Durham Region continues to beat expectations, with low inventory, low interest rates, and strong buyer demand resulting in prices rising to all-time record levels. Watch out for rising interest rates and rising inventory levels!
We are now seeing a sustained surge in prices from lows experienced during the COVID-19 economic shutdown. Sales volume has picked up sharply from the seasonal low reached in January.
Supply is very low, with only 0.6 months of inventory (MOI) for the region. (This means that at the current pace of sales, with no new listings, all inventory would be sold within this time frame).
Whitby, Ajax, and Oshawa have just 0.5 MOI. Clarington has just 0.4 MOI.
In April, transactions reported thus far had selling prices averaging 903,444 in Durham Region, with the average property selling at 110.9% of list price (SP/LP). This is a 0.2% increase from last month and a 47.4% increase from last year.
If you look at the selling price to list price ratios in the top chart, most communities are showing sales at levels well above list price. The following chart shows the trend - another key indicator of why the market is so hot right now.
Days on market (DOM) averaged 9.8 days. This figure has dropped substantially since January and has been recently trending higher.
Inventory levels are on the rise. If new listings rise at a pace that is faster than current sales, then there will be more inventory for buyers to choose from, which will have the effect of reducing the sale price to list price ratio, then months of inventory stat, which leans the market closer to a balanced market.
Look at the charts below - last April, during the drop-off in sales volume due to the first wave of COVID, active listings remained high as sales volume dropped and prices fell off substantially. More recently, sales volume has been more in line with the number of active listings, which is why prices have continued to rise.
The pace of sales was at 58.6 units per day - down 15.4% from last month and up 243.4% from the same period last year. Note that last year at this time, we were in the first lockdown phase of COVID-19.
Buyers will now find multiple offers common through most 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 working 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 this further without any obligation.
MONTHLY MARKET REPORT
March roared in like a lion and brought a record high volume of sales and sale prices for Durham Region. Even as inventory levels jumped sharply, sales kept up, keeping prices on an upward trend.
March 2021 Durham Region Real Estate Market Report
Extreme levels of demand, ultra-low interest rates and scarce inventory of home listings in Durham Region was evident in the results, with average prices setting new all-time highs, and multiple offer scenarios becoming commonplace at most price levels.
Prices in Durham increased by 37.4% since March 2020 and 0.7% since February 2021.
The latest market statistics show the average Durham property at $901,322 - up versus last month's 895,441 by 5,881 (+0.7%).
Active listings in Durham Region were 918 at the time this report was compiled. That is a 25.3% decrease from last year and a 14.0% increase from February.
There was 0.8 months of inventory at the end of February (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 88.6% from last year with 2077 units sold versus 1101 last March. It was up from February by 50.1%. This is the highest volume on record for the month of March and all time.
The time a property takes to sell is called DOM or days on market. It was 7 in March.
Another indicator of demand is sale price compared to list price. It was 113% in Durham in February, again showing extremely 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 well over list.
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
* - shading in the top chart signifies buyer or seller leaning stats - red is seller, blue is buyer with more intense shading signifying stronger impact.
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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