As we head into the winter season, it's normal to see drops in both volume and price as the market heads into its quietest time of year.
What is noteworthy, however, is that Durham Region's real estate market isn't slowing down a great deal when it comes to selling prices.
One key factor that has and will continue to impact the local market is the decrease in supply. Active listings are substantially down - both annually and monthly.
Price
Prices in Durham increased by 3.6% since November 2018 and dipped 0.3% since October 2019. The Toronto Real Estate Board's (TREB) overall market posted an 8.1% annual increase (-1.6% monthly).
Average prices for all of TREB were 843,837 as shown in the above chart (red line). The price point is still very close to the high for the year.
While prices grew at a faster pace in the GTA overall last month, they shrunk at a slower pace this month, reducing the gap between market areas.
Durham Region (blue line) prices showed a yearly increase, though with much less volatility than the TREB numbers showed in the seasonal trends. Durham showed very little reduction in price over the summer, and we are still close to highs for the year.
The latest market statistics show the average Durham property at $611,872 - down from last month's 613,606 by $1,734 (-0.3%).
Inventory
Active listings in Durham Region were 1363 in November. That is a 23.1% decrease from last year and a 24.4% decrease from October. The drop in active listings represents a significant tightening of the market. Currently, there are only 2.1 months of inventory, increasing buyer competition and could help to drive prices higher at a moderate pace.
The overall TREB market had a 22.2% decrease in active listings from October.
Demand
Sales volume in Durham Region increased 32.6% from last year with 872 units sold versus 730 last November (TREB +35.8%). It was down from October by 9.9%. (TREB -16.5%).
The time a property takes to sell is called DOM or days on market. It was 23 in November, 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.
Another indicator of demand is sale price compared to list price. It was 99% in Durham in October, 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 drop in sales volume from October (-1.2%), though selling prices were unchanged. Sales volume was up from 2018 (+14.0% annual change). Prices were up (+0.8%) year-over-year.
Whitby's sales volume dropped from October (-19.4%) and was up from last year (+48.8%). Prices were up (+1.0%) from October and (+6.5%) annually.
Clarington's sales volume dropped (-6.3%) monthly, and was up sharply (+35.6%) annually. Prices were up (+4.0%) monthly and annually (+6.9%).
In Ajax, volume was up (+31.0%) annually and down (-2.7%) monthly. Prices increased (+4.9%) annually in Ajax and dropped (-0.2%) monthly.
Pickering fell in volume monthly (-16.3%) and was up substantially (+43.6%) year-over-year. It had decreases in price (-5.7%) annually and (-4.2%) 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.
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Member, Canadian Real Estate Association (CREA), Ontario Real Estate Association (OREA), Toronto Real Estate Board (TREB).
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