If you have noticed more homes for sale recently in the Durham Region real estate market, you aren't alone.
Prices have dropped about 25% from their high point across the region back in February, and competition among buyers isn't as intense as it was at that time.
There are, however, a number of hotspots that are still showing strong numbers, and we will explore them in this article. The numbers are for the past 90 days, across all residential property types.
Neighbourhoods are ranked using sale price to list price ratio, as that figure illustrates how strong the competition among buyers is for listings. The average for all of Durham was 7.5% above list price during this period.
Top 10 Hot Areas in Durham Region
10. Pickering - Brock Ridge
With an average selling price of $1.197K, an average days on market of 7 days and sale prices running at 11.1% above list, it remains a strong contender for Pickering home sales.
9. Oshawa - Central
Next on our list is Central in Oshawa. Selling prices here averaged 705K, with 10.5 days on market and sale prices at 111.2% of list.
8. Pickering - Rouge Park
Homes in west Pickering's Rouge Park area sold on average for 1.16M, with 7.6 days on the market and sale prices at 111.8% of list.
7. Oshawa - Samac
Samac in north Oshawa is a popular and growing neighbourhood due to a number of major development projects in the works. They have been selling 827K, with 14.8 days on the market and sale prices at 112.1% compared to list.
6. Whitby - Blue Grass Meadows
An area with modest pricing compared to the north is east Whitby's Blue Grass Meadows. With the average home selling for 1.08 million, 8.5 days on market and sale prices at 112.9% versus list price, it has plenty of buyer appeal.
5. Whitby - Lynde Creek
Starting off the top 5 is Lynde Creek in west-central Whitby. There are a lot of newer homes in the west part of this area. As a result, prices are higher than many in this list, averaging 1.01 million. They were on the market for 7.0 days and sold for 113.4% of list price, on average.
4. Oshawa - Donevan
East Oshawa's Donevan borders Courtice, with lots of detached homes and close proximity to the 401. Prices averaged 808K, with 9.7 days on market and sale prices at 113.5% of list.
3. Oshawa - Northglen
Our top 3 begins with Northglen, in north central Oshawa. Well established neighborhoods in this area are largely composed of detached homes with large lots, which are in particular demand. Sale prices average 1.12M, with 9.1 days on market and sale prices averaging 114.0% of list price.
2. Oshawa - Vanier
Another Oshawa community takes spot number 2 on our list. Vanier is in west central Oshawa north of the 401. Sale prices averaged 717K, with 9.3 days on the market and sale prices at 114.5% of list.
1. Oshawa - Northwood
Number one on our list is Northwood, which is in northwest Oshawa bordering Whitby. This a great area with plenty of reasons for its popularity. There are many newly constructed detached homes here. Proximity to the 407, ONTech U and Durham College and new shopping and dining options make it a high-demand spot. Prices averaged 1.285 million with 5.3 days on the market and sale prices at 115.2% of list.
Here is a chart showing more details on the top 10 hot communities in Durham.
For those looking for less heated options, check out the higher-priced or northern parts of the region. For buyers, these areas may offer less stressful options for competition on listings compared to the ones presented here.
If you are considering a sale or purchase in this market, it pays to speak with an experienced, knowledgeable professional. Please contact me to have a free consultation or home evaluation.
John Owen, Broker
RE/MAX Impact Realty, Brokerage