Durham Region Realty Blog

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John Owen, Broker | 905-434-0067

RE/MAX Clarington Oshawa Whitby Durham Region

Durham Region Real Estate Market Report


Durham Region Real Estate Prices 2020


Last update - 2/11/2020 - scroll to bottom for details


Durham Region's real estate market opened 2020 with prices and sales volume at higher levels than last year and last month.


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


Sales volume has also picked up in pace, which is indicative of the number of buyers that are now taking action as the market tightens.


One key factor that has and will continue to impact the local market is a substantial lack of supply. Active listings are substantially down from this time last year.


Price


Prices in Durham increased by 13.5% since January 2019 and rose 2.4% since December 2019. The Toronto Regional Real Estate Board's (TRREB) overall market posted an 12.2% annual increase (+0.2% monthly). 


Average prices for all of TRREB were 839,363 as shown in the above chart (red line). The price point is still close to the high for the past year, though off the peak in October.


The latest market statistics show the average Durham property at $655,781  - up from last month's 640,269 by $15,512 (+2.4%).



Search Durham Listings with sold prices


Inventory


Active listings in Durham Region were 905 in January. That is a 29.8% decrease from last year and a 3.0% increase from December. The drop in active listings represents a significant tightening of the market. Currently, there are only 1.9 months of inventory, increasing buyer competition and could help to drive prices higher at a moderate pace.


The overall TRREB market had a 32% decrease in active listings from last year.


Demand


Durham Region Real Estate Sales Volume


Sales volume in Durham Region increased 15.4% from last year with 586 units sold versus 508 last January (TRREB +15.4%). It was up from December by 13.1%. (TRREB +4.6%). A slowdown is normally seen this time of year, as December through February are typically the lowest volume months, so we may see sustained volume through February and an early jump to the spring rush.


The time a property takes to sell is called DOM or days on market. It was 31 in January, 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 January, 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 2020

GTA Condo Prices 2020


What are homes selling for in Durham Region Cities?


Oshawa Real Estate Market Report


Oshawa showed continued increases in prices from December (+0.3%) as well as annually (+12.8%). Sales volume was up from 2019 (+16.7% annual change) and monthly (+30.0%). 


Detached homes had an 13.9% increase in average price annually.

Whitby Real Estate Market Report


Whitby's sales volume jumped from December (+12.5%) and was up strongly from last year (+30.1%). Prices were slightly down (-0.2%) from December and again very strong (+17.2%) annually. 


Detached homes were up 15.1% annually.



Clarington Real Estate Market Report


Clarington's sales volume increased (+9.9%) monthly, and was down (-11.9%) annually. Prices were up (+2.9%) monthly and annually (+11.9%). 


Detached homes were up 12.2% annually.




Ajax Real Estate Market Report


In Ajax, volume was up (+17.4%) annually and down (-19.0%) monthly. Prices increased (+9.17%) annually in Ajax and monthly (+0.5%).

Pickering Real Estate Market Report


Pickering increased in volume monthly (+11.5%) and was up (+36.0%) year-over-year. It had increases in price (+11.2%) annually and (+11.5%) monthly. 


Townhomes (+19.2%) and condo apartments (+21.7%) saw substantial annual increases in price.


Latest Market Update - Feb 11/2020


Durham Region Real Estate Sales Latest Update

The market continues to heat up in Durham Region, with selling prices at or above list price in a majority of communities. 


Sales pace is 24.1 units per day, or projecting to 700 for the month - a 20.5% increase over last year and a 19.5% increase over last month.


Inventory has reached critical lows - now at just 1.5 months, with Oshawa, Whitby and Ajax at the lowest levels. With lower sales volumes in the north, inventory projections look higher than normal - expect this to change as more sales report later in the month.


Prices are up - now averaging over 663,000 in Durham Region. Last month, the average was 655,781.


Buyers will find multiple offer scenarios very common right now. They are highly advised to get prepared - have your preapproval ready, and get out to see those new listings immediately, not on the weekend.


Sellers should be listing now or very soon. This situation will likely stabilize after the spring market, and your opportunity to have multiple offers on the average listing will subside once listings flood the market.

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

December 2019

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 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

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