February continued January's sharp increase in Durham Region real estate activity. Sales volumes were well up in most areas versus January, and inventory is still relatively low. Prices are holding at seasonal lows, but I anticipate that will change in March, as the weather improves and buyers get out in full force.
Prices in Durham Region dropped 1.8% from January 2018 and increased 0.5% since January 2019. The changes are contrary to the overall TREB market, which posted a 1.6% annual increase (+4.2% in Toronto).
Average prices for all of TREB were 780,397 showing an annual gain of 1.6%, as shown in the above chart (red line). The seasonal winter and summer dips are clearly visible in the TREB price line (though February is higher than normal).
Durham Region (blue line) prices down marginally 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 $580,743 - up from last month's 577,935 by $2,808 (0.5%).
Active listings in Durham Region were 1503 in February. That is an 8.8% increase from last year and a 9.1% increase from January. This increase in active listings is helping to moderate price changes somewhat.
The overall TREB market had a 25.3% increase in active listings from January.
Sales volume in Durham Region dipped 3.1% from last year with 585 units sold versus 604 last February. It was up from January by a substantial 15.2%, going sharply against the seasonal norm.
The time a property takes to sell is called DOM or days on market. It was 24 in February, showing a very 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 February, 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 had a big jump in sales volume with a 49.7% increase over February. Prices were up 2.4% monthly, and were down since last year (-4.4%). Average days on market dropped to just 20, and the average listing sold for 99% of asking.
Whitby had another big jump in monthly sales volume (+53.5% over February) but was down 4.3% from last year. Prices were up 3.5% from 2018 and 5.6% monthly. Days on market is still high compared to its neighbours at 26, but listings sold at 99% of list price.
Clarington's market continues to do very well. Sales volume was up 39.1% monthly and 7.0% annually. Prices jumped 4.5% annually and were down 0.1% monthly. Active listings have increased, but not substantially. I would expect this situation to drive prices further up in the near term. Days on market were short - at just 18, which isn't surprising compared to the other stats. Also, listings sold at 99% of list price.
Prices increased 2.6% annually in Ajax and were up 1.6% monthly. Volume rose 4.8% annually and 29.7% monthly. DOM was 18, and SP/LP was 99%.
Pickering had a 0.7% drop in price year-over-year and but was up 10.7% monthly. It had no change in volume annually but increased 56.5% monthly. DOM was at 18 and SP/LP was 99%.
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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