MONTHLY MARKET REPORT
February carried on with even stronger numbers than January, with record numbers for selling prices for Durham Region real estate.
February 2021 Durham Region Real Estate Market Report
Extreme levels of demand, ultra-low interest rates and scarce inventory of home listings in Durham Region was evident in the results, with average prices setting new all-time highs, and multiple offer scenarios becoming commonplace at most price levels.
Price
Prices in Durham increased by 36.1% since February 2020 and 2.2% since January 2021.
The latest market statistics show the average Durham property at $895,441 - up versus last month's 876,133 by 19,308 (+2.2%).
Inventory
Active listings in Durham Region were 805 at the time this report was compiled. That is a 22.3% decrease from last year and a 78.5% increase from January.
There was 0.8 months of inventory at the end of February (trend figure, per TRREB - current figures are much lower), once again increasing buyer competition at properties at virtually all price points.
Demand
Sales volume in Durham Region increased 55.5% from last year with 1384 units sold versus 890 last February. It was up from January by 112.6%. This is the highest volume on record for the month of February
The time a property takes to sell is called DOM or days on market. It was 7 in February.
Another indicator of demand is sale price compared to list price. It was 114% in Durham in February, again showing extremely strong levels of buyer demand, as the typical property sold for well over list price.
These factors combined are a good barometer 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.
John Owen
Broker, REALTOR®, RE/MAX Impact Realty
905-434-0067
* - 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.
Want to keep updated on Durham Real Estate?
Older Reports
More are in the archive.
Member, Canadian Real Estate Association (CREA), Ontario Real Estate Association (OREA), Toronto Regional Real Estate Board (TRREB).
Comments:
Post Your Comment: