Durham Region Real Estate - Sales Report September 2021
MONTHLY MARKET REPORT
Now that the summer has passed, along with a federal election that had housing as a focal issue, it looks like people are getting back to the business of buying homes.
While supply remains at critically low levels in relation to sales volume, there is some good news for buyers. Active listings have picked up, as is to be expected in the fall.
What has also picked up, however, is competition on the listings that are selling, showing that there is still intense interest from buyers in the market. As a result, prices are continuing to see upward pressure.
September 2021 Durham Region Real Estate Market Report
Low inventory combined with low interest rates and strong demand for homes in Durham Region was once again evident in the results, with sale prices rising to all-time highs.
Prices in Durham rose by 31.9% since September 2020 and increased 5.4% since August 2021.
The latest market statistics show the average Durham property at $968,136 - up versus last month's 918,133 by 50,003 (+5.4%).
Active listings in Durham Region were 585 at the time this report was compiled. That is a 54.2% decrease from last year and a 22.6% increase from August.
There were 0.5 months of inventory at the end of September (trend figure, per TRREB), once again increasing buyer competition at properties at virtually all price points.
Sales volume in Durham Region decreased 29.8% from last year with 1006 units sold versus 1492 last September. Last September was the highest volume on record for that month and reflects the market surge coming out of the first COVID-19 lockdown.
The time a property takes to sell is called DOM or days on market. It was 9 in September.
A key indicator of demand is sale price compared to list price. It was 115% in Durham in September, again showing extremely strong levels of buyer demand, as the typical property sold for well over list price. This figure was sharply higher than other regions in the GTA, which averaged 106% overall.
These factors combined are still very strong metrics 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 well over list.
Durham Region Prices by Home Type
Durham Real Estate Market Statistics by City
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.
Broker, REALTOR®, RE/MAX Impact Realty
* - shading in the top chart signifies buyer or seller leaning stats - red is seller, blue is buyer with more intense shading signifying stronger impact.
Statistics are compiled from TRREB MLS® system, and may change as more sales are reported, errors corrected and deals that do not close are removed.
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