Durham Region's real estate market finished November with lower sales volume, but with gains in selling price in most areas.
Prices in Durham Region increased 2.7% over November of 2017 and 0.2% since October 2018. The slight gain from October is in contrast with the overall TREB market, which posted a 2.4% decline.
Average prices for all of TREB were 842,483 showing an annual gain of 5%, as shown in the above chart (red line). The seasonal winter and summer dips are clearly visible in the TREB price line.
Durham Region (blue line) prices have also increased yearly, though with much less volatility than the TREB numbers showed in the seasonal trends.
The Toronto Real Estate Board's (TREB) latest market statistics show the average Durham property at $590,403 - up from last month's 588,968 by $1,435 (0.2%).
Active listings in Durham Region were 1772 in November. That is a 0.4% drop from last year, but a huge drop of 14.9% from October. As I predicted last month, the drop in active listings did impact pricing for November, and may well continue that trend into the winter months.
It also aligns with the overall TREB market, which had a 13.2% decrease in active listings from October.
Toronto's active listings fell 12.7% from October, so they may also see higher pricing in December than typical.
Sales volume in Durham Region dropped 17.0% from last year with 730 units sold versus 879 last November. It was down from this October by 8.5%. Most communities in Durham showed a monthly increase, except Oshawa, which was up 4.7% since October.
The time a property takes to sell is called DOM or days on market. It was 27 in November, showing a good pace to sales for this time of year.
Another indicator of demand is sale price compared to list price. It was 98% in Durham in October, again showing good levels of demand.
These factors combined are a good barometer for sellers, as it shows that not only is current inventory moving at a good pace, but it is also selling at a price that is very close to asking.
Prices By Home Style
What are homes selling for in Durham Region Cities?
Oshawa showed strong results with a 5.4% annual increase in price. It showed a 0.5% increase monthly. Volume was down 14.3% annually but 4.7% monthly.
Whitby had a 3.7% annual price gain, combined with a monthly price drop of 2.6%. It had a 25.6% annual decrease in sales volume and a 12.6% monthly drop. There is still good value here compared to the west.
Clarington continued to show good results with a 4.9% annual price increase, combined with a 0.8% increase from October. Volume was down 23.4% from last November, and 19.2% from this October.
Prices dipped 1.5% annually in Ajax and were up 4% monthly. Volume fell 7.4% annually and 8.9% monthly.
Pickering had a 3.1% increase in price year-over-year and 4.6% monthly. It had a drop in volume of 10.5% annually and 6% monthly.
If you are interested in seeing values for an area not shown or are interested in other figures, please comment below or send me an email - John@JohnOwen.Realtor As always, give me a call anytime if you would like to discuss further without any obligation.
Member, Canadian Real Estate Association (CREA), Ontario Real Estate Association (OREA), Toronto Real Estate Board (TREB).
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