MONTHLY MARKET REPORT
For the first time since last summer, prices in Durham Region's real estate market dropped in March.
Even with the drop in sale prices, Durham was by far the hottest market in the GTA, with the average property selling at 123% of list price. Toronto was next, with that figure well behind at 113%, and the average for all of the GTA was 113%.
Strong competition from buyers on listings was evident in the high number of offers on many listings. As a result, prices are still well above list price throughout Durham Region.
March 2022 Durham Region Real Estate Market Report
An increase in active listings of homes in Durham Region helped to temper demand, with sale prices coming down substantially from last month.
Prices in Durham rose by 27.4% since March 2021 and fell 6.5% since February 2022.
The latest market statistics show the average Durham property selling at $1,148,685 - down versus last month's 1,228,990 by 80,305 (-6.5%).
Active listings in Durham Region were 978 at the time this report was compiled. That is a 33.1% decrease from last year and a 23.6% increase from February.
There were 0.5 months of inventory at the end of March (trend figure, per TRREB), once again increasing buyer competition at properties at virtually all price points. The figure for all of TRREB was 0.9, and 1.1 for Toronto.
Sales volume in Durham Region decreased 33.1% from last year with 1390 units sold versus 2077 last March. It jumped 23.6% over February (1125).
The time a property takes to sell is called DOM or days on market. It was 7 in March.
A key indicator of demand is sale price compared to list price. It was 123% in Durham in March, again showing very strong levels of buyer demand, as the typical property sold for well over list price. This figure was sharply higher than the GTA, which averaged 113%.
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
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?
Northumberland Region Real Estate Market Report
Peterborough Region Real Estate Market Report
More are in the archive.
Member, Canadian Real Estate Association (CREA), Ontario Real Estate Association (OREA), Toronto Regional Real Estate Board (TRREB).
Post Your Comment: