Durham's real estate market activity showed increases in both price and volume in October. The monthly changes were minor, though the annual changes were substantial.
Given the larger jumps in sales volume in Toronto and the GTA, it's somewhat surprising that Durham's increases weren't larger. We may see November's figures come in to catch up.
Price
Prices in Durham rose by 4.2% since October 2018 and 0.3% since September 2019. The Toronto Real Estate Board's (TREB) overall market posted a 5.5% annual increase (+1.1% monthly).
Average prices for all of TREB were 852,142 as shown in the above chart (red line). With the increase this month, the overall market set a new price benchmark for the year, eclipsing the spring high.
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 $613,606 - up from last month's 611,569 by $2,037 (+0.3%).
Inventory
Active listings in Durham Region were 1803 in October. That is a 13.4% decrease from last year and a 6.9% decrease from September. The drop ins active listings represents a 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 an 9.1% decrease in active listings from September.
Demand
Sales volume in Durham Region increased 19.8% from last year with 968 units sold versus 798 last October (TREB +4.4%). It was up from September by 1.3%. (TREB +8.5%).
The time a property takes to sell is called DOM or days on market. It was 22 in October, showing a strong pace to sales. 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 jump in sales volume from September (+4.1%), along with a slight dip in selling price(-0.9%). Sales volume was up from 2018 (+14.7% annual change). Prices were up (+1.3%) year-over-year.
Whitby's sales volume jumped from September (+14.8%) and was up from last year (+13.3%). Prices were also up (+3.0%) from September and (+2.7%) annually.
Clarington's sales volume dropped (-6.3%) monthly (though was on a tear recently), and was up sharply (+31.5%) annually. Prices were down slightly (-0.4%) monthly but up annually (+3.5%).
In Ajax, volume was up (+27.4%) annually and down (-6.3%) monthly. Prices increased (+9.4%) annually in Ajax and also (+1.5%) monthly.
Pickering jumped in volume monthly (+8.9%) and was up substantially (+24.0%) year-over-year. It had increases in price (+3.0%) annually and a drop (-4.9%) 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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