Durham Region's real estate market entered the cooler autumn season with balanced results. Sales volume in the region was up over September in many areas, and prices showed mixed results in different communities.
Prices in Durham Region increased 2.3% over October of 2017 and 0.3% since September 2018. The slight gain from September is in line with the overall TREB market, which posted a 1.3% gain.
Average prices for all of TREB were 807,340 showing an annual gain of 3.5%, 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 $588,968 - up from last month's 587,009 by $1,959 (0.3%).
Active listings in Durham Region were 2082 in October. That is an 8.9% increase over last year, but a drop of 4.1% from September. This figure may help to drive prices higher than normal for November when prices normally start to show a seasonal drop.
It also contrasts with the overall TREB market, which had a 3.8% increase in active listings from September.
Toronto's active listings fell 5.8% from September, so they may also see higher pricing in November than typical.
Sales volume in Durham Region dropped 5.6% from last year with 798 units sold versus 845 last October. It was up over this September by 3.2%. Most communities in Durham showed a monthly increase, except Ajax, which was down 7.5% since September.
The time a property takes to sell is called DOM or days on market. It was 24 in October, showing a good pace to sales.
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 had good results with a 3.2% annual increase in price. It showed a 1.6% increase monthly. Volume was down 8.7% annually but 1.9% monthly.
Whitby bounced back from a recent price slump, with a 6.4% annual price gain, combined with a monthly price increase of 6.4%. It had a 12.8% annual decrease in sales volume, but a 6.7% monthly increase. There is still good value here compared to the west.
Clarington continued to show good results with a 3.1% annual price increase, though prices pulled back 6.1% from September. Volume was down 7.6% from last October, but up 9.8% from this September.
Prices dipped 0.5% annually in Ajax and were up 3.1% monthly. Volume fell 7.5% both annually and monthly.
Pickering had a slight increase in price at 0.6% year-over-year but fell 2.7% monthly. It had a drop in volume of 3.8% annually, and an increase of 3.1% 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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