DURHAM REGION REAL ESTATE - MARKET REPORT OCTOBER 2021
As the colder weather set in for October, the Durham Region real estate market stayed hot, with prices jumping to a new all-time high. Sales volume tapered off from earlier months, but buyer competition was evident as inventory levels simply could not satiate demand.
While supply remains at critically low levels in relation to sales volume, there is some good news for buyers. Active listings have picked up, as is to be expected in the fall.
What has also picked up, however, is competition on the listings that are selling, showing that there is still intense interest from buyers in the market. As a result, prices are continuing to see upward pressure.
October 2021 Durham Region Real Estate Market Report
Scarce inventory combined with low interest rates and strong demand for homes in Durham Region was once again evident in the results, with sale prices rising to all-time highs.
Prices in Durham rose by 33.5% since October 2020 and increased 2.1% since September 2021.
The latest market statistics show the average Durham property at $988,354 - up versus last month's 968,136 by 20,218 (+2.1%).
Active listings in Durham Region were 490 at the time this report was compiled. That is a 35.4% decrease from last year and a 16.2% decrease from September.
There were 0.5 months of inventory at the end of October (trend figure, per TRREB), once again increasing buyer competition at properties at virtually all price points. The figure for all of TRREB was 1.0, and 1.3 for Toronto.
Sales volume in Durham Region decreased 26.9% from last year with 1047 units sold versus 1377 last October. Last October was the previous highest volume on record for that month and reflects the market surge coming out of the first COVID-19 lockdown.
The time a property takes to sell is called DOM or days on market. It was 9 in October.
A key indicator of demand is sale price compared to list price. It was 115% in Durham in October, again showing extremely strong levels of buyer demand, as the typical property sold for well over list price. This figure was sharply higher than other regions in the GTA, which averaged 107% overall.
These factors combined are still very strong metrics 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.
Want to keep updated on Durham Real Estate?
More are in the archive.