Durham Region Real Estate Daily Market
Monthly Market Report follows the daily figures on this post.
Latest update - October 4, 2021 at 10:15am
The real estate market in Durham Region continues to outperform most GTA markets, with low inventory, low interest rates, and strong buyer demand resulting in prices rising to all-time record levels.
Supply is very low, with 0.6 months of inventory (MOI) for the region. (This means that at the current pace of sales, with no new listings, all inventory would be sold within this time frame).
Ajax and Whitby have 0.4 MOI.
In September, transactions reported thus far had selling prices averaging 973,089 in Durham Region, with the average property selling at 114.9% of list price (SP/LP). This is a 6.0% increase from last month and a 32.7% increase from last year.
Above is a two-year chart showing how selling prices have jumped since the low point during the first covid-19 shutdown (April 2020).
If you look at the selling price to list price ratios in the top chart, most communities are showing sales at levels well above list price. The following chart shows the trend - another key indicator of why the market is so hot right now.
Days on market (DOM) averaged 9.1 days.
Inventory levels are starting to trend higher than they were in July and August, which should help buyers that have been frustrated by the lack of homes to choose from.
Should new listings rise at a pace that is faster than current sales, then there would be more inventory for the pool of buyers to choose from, which will have the effect of reducing the sale price to list price ratio, then months of inventory stat, which leans the market closer to a balanced market.
During the drop-off in sales volume due to the first wave of COVID, active listings remained high as sales volume dropped and prices fell off substantially. More recently, sales volume has been more in line with the number of active listings, which is why prices have increased or stayed stable.
The pace of sales was at 34.1 units per day - down 2.4% from last month and down 31.2% from the same period last year.
Buyers will find multiple offers common through most 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.
Sellers should be considering getting on the market now or soon, and working with their agent to set their home apart from competitive listings while reaching the widest possible audience.
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 this further without any obligation.
MONTHLY MARKET REPORT
Normally, August is a quiet month for the real estate market in Durham. From a sales volume perspective, it was. In many other aspects, it wasn't.
Now that we are approaching a federal election on Sept 20, there is even more media focus on the residential real estate market.
Housing affordability is one of the most actively discussed topics, with many articles, platform promises, and media opinions being dropped on a daily basis.
One thing that everyone is in agreement on is that there isn't enough supply in the market to satisfy demand. This is key to the problem. Without more supply, it would be very difficult to address home values.
August 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 25.1% since August 2020 and increased 0.9% since July 2021.
The latest market statistics show the average Durham property at $918,133 - up versus last month's 910,197 by 7,936 (+0.9%).
Active listings in Durham Region were 477 at the time this report was compiled. That is a 47.7% decrease from last year and a 17.2% decrease from July.
There were 0.5 months of inventory at the end of August (trend figure, per TRREB), once again increasing buyer competition at properties at virtually all price points.
Sales volume in Durham Region decreased 27.1% from last year with 1048 units sold versus 1515 last August. Last August was the highest volume on record for the month of August 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 10 in August.
A key indicator of demand is sale price compared to list price. It was 112% in Durham in August, again showing extremely strong levels of buyer demand, as the typical property sold for well over list price.
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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