The Durham Region real estate market transitioned into the summer market in June, with steady results in both price and volume. Volume levels did drop from May, as is typical in the seasonal cycle. Pricing, on the other hand, was virtually flat or up in many areas, contradicting the normal pattern.
The GTA overall showed a more typical pattern of dips in both volume and price from May. Not to say things are slowing, as both volume and prices are up on an annual basis.
Prices in Durham Region increased 1.6% from June 2018 and dipped 0.3% since May 2019. The overall The Toronto Real Estate Board's (TREB) market posted a 5.2% annual increase (-2.4% monthly).
Average prices for all of TREB were 832,703 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 seasonal volatility than the TREB numbers showed in the seasonal trends.
The latest market statistics show the average Durham property at $620,506 - down from last month's 622,292 by $1,786 (-0.3%).
Active listings in Durham Region were 2320 in June. That is a 0.7% increase from last year and a 0.5% increase from Mayl. This increase in active listings isn't keeping pace with sales, helping to drive prices higher at a moderate pace.
The overall TREB market had a 1.8% drop in active listings from May.
Sales volume in Durham Region increased 19.1% from last year with 1093 units sold versus 918 last June (TREB +3.4%). It was down from May by 7.1%. (TREB -13.8%).
The time a property takes to sell is called DOM or days on market. It was 22 in June, showing a very good pace to sales. This figure also tends to increase after the spring market.
Another indicator of demand is sale price compared to list price. It was 98% in Durham in June, 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 seasonal decrease in sales volume from May (-11.8%) (+17.4% annual change). Prices were up since May (+3.4%) and (+4.1%) year-over-year.
Whitby had a seasonal dip in sales volume from May (-12.0%) but was well up from last year (+26.0%). Prices were down (-0.2%) from 2018 and (-0.5%) monthly.
Clarington's market seemed to forget that spring ended in June. Sales volume increased (+7.7%) monthly, and was well up (+19.5%) annually. Prices were up (+5.9%) annually but dipped very slightly (-0.1%) monthly.
This is a good opportunity for value buyers who may have missed out earlier in the spring, as prices on all but detached homes have dropped. Given the pace of the local market, things may head back upward again soon, unless new listings continue to keep pace with sales.
In Ajax, volume was up (+16.0%) annually and down (-15.0%) monthly. Prices also rose (+2.1%) annually in Ajax but dipped (-6.0%) monthly.
Pickering was down in volume monthly (-8.5%) and was up (+5.7%) year-over-year. It had a decrease in price (-2.8%) annually and also (-1.5%) monthly.
If you are interested in seeing values for an area not shown or are interested in other figures, please comment below or send me an email - John@JohnOwen.Realtor As always, give me a call anytime if you would like to discuss further without any obligation.
Member, Canadian Real Estate Association (CREA), Ontario Real Estate Association (OREA), Toronto Real Estate Board (TREB).
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