The summer real estate market normally reaches its lowest level of activity in August. In Durham Region, however, we saw a sustained level of buyer activity that traditionally tapers well off after the spring peak. Although volume levels did drop from June, as is typical in the seasonal cycle, they were well up year-over-year.
Pricing was up monthly across almost all of the region, contrasting with the normal seasonal pattern. We saw annual increases in virtually all areas of south Durham.
The GTA overall showed a more typical pattern of dips in volume from June. Not to say things are slowing, as both volume and prices are well up on an annual basis.
Prices in Durham increased by 4.0% since August 2018 and rose 1.6% since July 2019. The Toronto Real Estate Board's (TREB) overall market posted a 3.6% annual increase (-1.8% monthly). The interesting contrast is that Durham prices rose monthly while the overall TREB market eased.
Average prices for all of TREB were 792,611 as shown in the above chart (red line). The seasonal winter and summer dips are clearly visible in the TREB price line (though the spring jump hit earlier than normal).
Durham Region (blue line) prices showed a yearly increase, though with much less volatility than the TREB numbers showed in the seasonal trends.
The latest market statistics show the average Durham property at $614,362 - up from last month's 604,938 by $9,424 (+1.6%).
Active listings in Durham Region were 1917 in August. That is a 4.8% decrease from last year and an 11.9% decrease from July. This monthly decrease in active listings isn't keeping pace with sales, increasing buyer competition and will help to drive prices higher at a moderate pace.
The overall TREB market had an 11.5% drop in active listings from July.
Sales volume in Durham Region increased 23.5% from last year with 1046 units sold versus 843 last August (TREB +25.7%). It was also up, bucking seasonal trends, from July by 0.5%. (TREB -10.3%).
The time a property takes to sell is called DOM or days on market. It was 26 in August, showing a very good pace to sales, especially for late summer. This figure tends to increase after the spring market before dropping again in the fall.
Another indicator of demand is sale price compared to list price. It was 98% in Durham in August, 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
What are homes selling for in Durham Region Cities?
Oshawa showed a good performance versus seasonal norms in August. Sales volume was down from July (-3.3%) though well up from 2018 (+24.5% annual change). Prices were up since July (+3.1%) and (+2.0%) year-over-year.
Whitby had a large seasonal dip in sales volume from July (-13.6%) but was up from last year (+18.5%). Prices were up (+6.3%) from July and up (+8.7%) annually.
Clarington's sales volume jumped (+14.0%) monthly, and was up (+4.9%) annually. Prices were up (+4.0%) monthly and also annually (+1.3%).
In Ajax, volume was up (+39.0%) annually and down (-6.4%) monthly. Prices increased (+4.8%) annually in Ajax and also (+2.3%) monthly.
Pickering was well up in volume monthly (+16.5%) and was up substantially (+62.8%) year-over-year. It had a jump in price (+5.0%) annually though a drop (-9.2%) monthly.
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