Daily Update follows the monthly figures on this post.
October once again set an all-time high average sale price for Durham Region real estate, with continued inventory shortages, even as sales volumes eased off from their highs set this summer.
October 2020 Durham Region Real Estate Market Report
Demand for all types of residential homes 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 20.7% since October 2019 and up 0.9% since September 2020.
The latest market statistics show the average Durham property at $740,436 - up versus last month's 734,038 by 6,398 (+0.9%).
Active listings in Durham Region were 905 at the time this report was compiled. That is a 49.8% decrease from last year and a 13.1% decrease from September.
Currently, there are 1.1 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 42.3% from last year with 1377 units sold versus 968 last October. It was down from September by 7.7%. This is the highest volume on record for the month of October.
The time a property takes to sell is called DOM or days on market. It was 12 in September.
Another indicator of demand is sale price compared to list price. It was 104% in Durham in September, 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
* - 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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