Daily Update follows the monthly figures on this post.
September was another record-setting month in Durham Region real estate, with a new all-time September high for average selling price.
September 2020 Durham Region Real Estate Market Report
Demand for all types of residential homes was evident in the results, with average prices keeping pace with all-time highs, with multiple offer scenarios becoming commonplace at most price levels.
Price
Prices in Durham increased by 20.0% since September 2019 and virtually unchaged 0.0% since August 2020. They are now very close to a high for the year, and all-time.
The latest market statistics show the average Durham property at $734,038 - versus last month's 734,136 by -$98 (-0.0%).
Inventory
Active listings in Durham Region were 1042 at the time this report was compiled. That is a 46.2% decrease from last year and a 5.7% decrease from August.
Currently, there are 1.2 months of inventory (trend figure, per TRREB - current figures are much lower), once again increasing buyer competition at properties at virtually all price points.
Demand
Sales volume in Durham Region increased 56.1% from last year with 1492 units sold versus 956 last September. It was down from August by 1.5%. This is the highest volume on record for the month of September.
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.
Durham Region Real Estate Daily Market Update
Latest update - Nov 3, 2020 at 10:00am
The real estate market in Durham Region is still red hot, with low inventory and prices rising above all-time record levels set this summer.
We are now seeing a sustained surge in prices from lows experienced during the COVID-19 economic shutdown. Sales volume has eased slightly from record levels in July, though it is still much higher than what we experienced in April and May,
Supply is very tight with 0.8 months of inventory (MOI) for the region, with those areas in south Durham at the lowest levels. (This means that at the current pace of sales, with no new listings, all inventory would be sold within this time frame).
In October, transactions reported thus far had selling prices averaging 737,106 in Durham Region, with the average property selling at 103.4% of list price (SP/LP). South Durham areas showed the highest ratios. This is a 0.4% increase from last month and a 20.1% increase from last year.
The rise in average prices reflects a higher number of properties selling at higher price points, combined with multiple offer situations at low and mid-range price points. If you look at the selling price to list price ratios in the above chart, most communities are showing sales at levels above asking.
This may also be indicative of stronger buyer activity and competition as COVID-19 restrictions became less stringent.
Higher priced homes (over 800,000) are now selling faster and with more volume (408 units, 13.5 DOM, 101.9% SP/LP), as families looking for higher-priced detached homes have now become active.
Most of the ones that are at the lower end of the price curve (under 800,000) are selling for much more than asking (953 units, 12.4 DOM, 104.6% SP/LP), indicating that there still is very strong demand out there.
Days on market (DOM) averaged 12.7 days. This figure has been trending lower recently as we head into cooler weather.
Inventory levels are much lower now compared to late March and April when increases were indicative of the slowdown in activity due to COVID-19 mitigation efforts.
Pace of sales was at 44.2 units per day - down 8.1% from last month and up 41.9% from the same period last year. (expect these figures to come up as more sales are recorded on the MLS system from the 30th and 31st)
Buyers will now find multiple offer scenarios increasingly common right now, at least in south Durham communities and low to mid-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.
John Owen
Broker, REALTOR®, RE/MAX Impact Realty
905-434-0067
* - 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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Older Reports
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Member, Canadian Real Estate Association (CREA), Ontario Real Estate Association (OREA), Toronto Regional Real Estate Board (TRREB).
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