MONTHLY MARKET REPORT
November is typically a month of transition in the market, as the cold weather and preparation for the holday season brings a reduction in sales volume and an easing of prices. Our real estate market in Durham Region hasn't been typical, with prices jumping to a new all-time high. Sales volume was very close to October, while also being close to last year's all-time record for November.
While supply remains at critically low levels in relation to sales volume, there is some good news for buyers. New listings have picked up, though they are being sold at a very fast pace for this time of the year.
Intense competition from buyers on listings is evident in the high number of offers on many listings. As a result, prices are continuing to see upward pressure.
November 2021 Durham Region Real Estate Market Report
Scarce 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 30.9% since November 2020 and increased 1.0% since October 2021.
The latest market statistics show the average Durham property at $998,594 - up versus last month's 988,354 by 10,240 (+1.0%).
Active listings in Durham Region were 364 at the time this report was compiled. That is a 18.2% decrease from last year and a 25.7% decrease from October.
There were 0.5 months of inventory at the end of November (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 1.2 for Toronto.
Sales volume in Durham Region decreased 3.8% from last year with 1013 units sold versus 1088 last November. Last November was the previous highest volume on record for that month 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 November.
A key indicator of demand is sale price compared to list price. It was 119% in Durham in November, again showing extremely 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 108% (the second highest region to Durham was York, with 109%).
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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