Durham Region Real Estate

John Owen, Broker | 905-434-0067

RE/MAX IMPACT Durham Region

Durham Region Sales Report - December 2019


Durham Region Real Estate Prices 2019


Last update - Jan 31, 2020 - scroll to bottom for details

January full report coming on February 6 by noon!


Durham Region's real estate market closed 2019 with prices at their highest level of the year in December.


This is highly unusual, as prices normally follow a pattern of peaks in the spring season and lows in the winter months.


Sales volume patterns for the year showed a more conventional pattern of high volume in the spring and lower volume in the colder months.


One key factor that has and will continue to impact the local market is a substantial lack of supply. Active listings are substantially down - both annually and monthly.


Price


Prices in Durham increased by 9.0% since December 2018 and rose 4.6% since November 2019. The Toronto Real Estate Board's (TREB) overall market posted an 11.7% annual increase (-0.7% monthly). 


Average prices for all of TREB were 837,788 as shown in the above chart (red line). The price point is still close to the high for the year, though off the peak in October.


While prices grew at a faster pace in the GTA overall last month, they shrunk at a slower pace this month, reducing the gap between market areas.


The latest market statistics show the average Durham property at $640,269  - up from last month's 611,872 by $28,397 (+4.6%).



Search Durham Listings with sold prices


Inventory


Active listings in Durham Region were 879 in December. That is a 31.8% decrease from last year and a 35.5% decrease from November. The drop in active listings represents a significant tightening of the market. Currently, there are only 2.0 months of inventory, increasing buyer competition and could help to drive prices higher at a moderate pace.


The overall TREB market had a 38.1% decrease in active listings from November.


Demand


Durham Region Real Estate Sales Volume


Sales volume in Durham Region increased 16.1% from last year with 518 units sold versus 446 last December (TREB +16.3%). It was down from November by 40.6%. (TREB -38.0%). The monthly slowdown is expected this time of year, as December through February are typically the lowest volume months.


The time a property takes to sell is called DOM or days on market. It was 28 in December, showing a very strong pace to sales for this time of year. This figure tends to increase after the spring market before dropping again in the fall and rising again in winter months.


Another indicator of demand is sale price compared to list price. It was 99% in Durham in December, again showing high levels of buyer 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


GTA Detached Home Prices

Durham Region Townhouse Prices

GTA Condo Prices 2019


What are homes selling for in Durham Region Cities?


Oshawa Real Estate Market Report


Oshawa showed strong increases in prices from November (+7.6%) as well as annually (+5.3%). Sales volume was up from 2018 (+9.4% annual change) and down seasonally from November (-43.8%). 


Detached homes had an 8.7% increase in average price annually, while condos were down 7.4%.

Whitby Real Estate Market Report


Whitby's sales volume dropped from November (-36.0%) and was up strongly from last year (+37.1%). Prices were up (+2.3%) from November and again very strong (+15.5%) annually. 



Clarington Real Estate Market Report


Clarington's sales volume dropped (-46.0%) monthly, and was up (+17.4%) annually. Prices were up (+2.8%) monthly and annually (+7.1%). 




Ajax Real Estate Market Report


In Ajax, volume was up (+17.6%) annually and down (-30.6%) monthly. Prices increased (+6.7%) annually in Ajax and monthly (+6.0%).

Pickering Real Estate Market Report


Pickering fell in volume monthly (-46.0%) and was up (+7.0%) year-over-year. It had increases in price (+2.7%) annually and (+1.5%) monthly. 


Week 4 update

The first 4 weeks of January has now picked up in sales volume, with volume up compared to both last month and last year. 

Durham Real Estate stats Jan 2020

Note that sales data may be updated with late-posted sales and corrections. Condo represents condominium apartment.


Listings are moving quickly for this time of year, and at a very strong ratio to list price, particularly in Oshawa, Clarington, Pickering and Whitby.


Prices are now higher than December's levels, which averaged just over 640,000 for all property types in Durham Region.


Months of Inventory (MOI) is now at very low levels in Ajax (0.86), Oshawa (1.03), Whitby (1.33) and Pickering (1.49). These figures are based on active listings on January 30, and sales pace for the first 28 days of January. The figures reported monthly by TRREB may vary widely as they are calculated on trends over a longer period.


Anyone considering selling should be considering listing their home before the spring rush. Competition is very low in many areas right now, and buyers are very active in many price bands.

It's not all bad news for buyers, though. Be prepared! Get your pre-approval done, and be ready to act if you find a property that you like. 


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, RE/MAX Impact Realty

905-434-0067


Want to keep updated on Durham Real Estate? 

       



Older Reports

November 2019

October 2019

September 2019

August 2019

July 2019

June 2019

May 2019

April 2019

March 2019

February 2019

January 2019

December 2018

November 2018

October 2018

September 2018

August 2018

July 2018

June 2018

May 2018

April 2018

March 2018

February 2018

January 2018

November 2017

October 2017

September 2017

August 2017

July 2017

June 2017

May 2017

April 2017 

March 2017

February 2017

January 2017

December 2016

November 2016

October 2016

September 2016

August 2016

July 2016

June 2016

May 2016

April 2016


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

      

Comments:
No comments

Post Your Comment:

How can I help?

Childrens Miracle Network Sick Kids