Durham Region Real Estate Blog

John Owen, Broker, REALTOR­®

RE/MAX IMPACT Courtice Durham

Durham Region Real Estate Market Report


Durham Region Real Estate Prices 2020


While May was impressive in the way the Durham real estate market rebounded from COVID-19, June sent the market into new highs for the year in prices and volume.


Looking for July stats? Check out the Daily Market Update.


Demand for single-family homes was evident in the results, with average prices being much higher than during the past few months, and multiple offer scenarios becoming commonplace at higher price levels.


Price


Prices in Durham increased by 10.2% since June 2019 and jumped 5.2% since April 2020. They are now at a high for the year.


The latest market statistics show the average Durham property at $685,655  - up from last month's 651,590 by $34,065 (+5.2%).



Search Durham Listings with sold prices


Inventory


Active listings in Durham Region were 1282 at the time this report was compiled. That is a 44.7% decrease from last year and an 11.6% increase from May. 


Currently, there are 1.6 months of inventory (trend figure, per TRREB - current figures are lower), once again increasing buyer competition - although less so on properties at the high end of the price spectrum.



Demand


Sales volume in Durham Region increased 17.2% from last year with 1281 units sold versus 1093 last June. It was up from May by 66.4%. 


The time a property takes to sell is called DOM or days on market. It was 15 in June, well down from the 22 days average in May.


Another indicator of demand is sale price compared to list price. It was 101% in Durham in June, again showing very strong levels of buyer demand, as the average property sold for more than 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 Region Detached Home Prices


Durham Region Detached Home Prices 2020


Durham Region Townhouse Prices 2020


Durham Region Condo Prices 2020


Durham Real Estate Market Statistics by City

Clarington Real Estate Market Report 2020



Oshawa Real Estate Market Report 2020


Whitby Real Estate Market Report 2020



Ajax Real Estate Market Report 2020



Pickering Real Estate Market Report 2020


Scugog Real Estate Market Report 2020

Uxbridge Real Estate Market Report 2020


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.


John Owen

Broker, REALTOR®, RE/MAX Impact Realty

905-434-0067


Want to keep updated on Durham Real Estate? 

       



Older Reports

April 2020

March 2020

February 2020

January 2020

December 2019

November 2019

October 2019

September 2019

August 2019

July 2019

June 2019

May 2019

April 2019



More are in the archive.


Member, Canadian Real Estate Association (CREA), Ontario Real Estate Association (OREA), Toronto Regional Real Estate Board (TRREB).

      

Comments:
Steve on Aug 12, 2019 12:23 PM posted:
So with the GM plant closure imminent and our bubble edging towards correction, Oshawa will surely decline much further in value in the coming years. Could this be a true statement?
John Owen on Aug 12, 2019 6:48 PM posted:
Hi Steve - news of the GM situation is from 2018, and has had very little impact on the local real estate market. Since the spring/summer of 2017, when the government imposed a number of measures to cool the market (along with changes to mortgage qualification rules that has prevented many families from being able to qualify to buy a home), the local market has been doing quite well. Given the relative shortage of supply in the GTA, combined with having some of the lowest prices in the region, the outlook for Oshawa's market is quite bright. Other factors helping bring demand to the local market include a high demand for student accommodation, expansion of the 407 and 412/418, and planned expansion of GO train service with more stations in both Oshawa and Clarington. Of course, no one can say what the market is going to do with certainty, but aside from economic factors that would trigger a wider slowdown (like a large interest rate increase, or recession), things look very good for Oshawa. John Owen, Broker RE/MAX Impact
Vish Patel on Jun 22, 2020 12:30 AM posted:
Hi! Do you think this pandemic and the super high unemployment rate which is over 10 percent will finally burst the property price bubble?
John Owen on Jun 22, 2020 10:10 AM posted:
Hi Vish - that's a good question, and the media has been speculating on this issue on a regular basis. Adding to the mix is CMHC forecasting up to an 18% drop in property values across Canada by mid-2021. They also tightened qualifying criteria for mortgages insured by them. My focus is on the local market, and current results don't align with the idea of the market going into a deep downturn. We did see a large drop in sales volume in April/May and a much smaller drop in prices. As of mid-June, both sales volume and prices had recovered to pre-COVID levels. COVID has created a pause in our market. The economy continues to open back up, and unemployment levels will come back down. Read my daily market updates to see more, and watch for a big turnaround in the June 2020 results.

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