Durham Region Real Estate Blog

John Owen, Broker, REALTOR­®

RE/MAX IMPACT Courtice Durham

Durham Region Real Estate Sales Report - October 2020


Durham Region Real Estate Prices 2020


Daily Update follows the monthly figures on this post.


October once again set an all-time high average sale price for Durham Region real estate, with continued inventory shortages, even as sales volumes eased off from their highs set this summer.

October 2020 Durham Region Real Estate Market Report


Demand for all types of residential homes was evident in the results, with average prices setting new all-time highs, and multiple offer scenarios becoming commonplace at most price levels.


Price


Prices in Durham increased by 20.7% since October 2019 and up 0.9% since September 2020. 


The latest market statistics show the average Durham property at $740,436  - up versus last month's 734,038 by 6,398 (+0.9%).



Search Durham Listings with sold prices


Inventory


Active listings in Durham Region were 905 at the time this report was compiled. That is a 49.8% decrease from last year and a 13.1% decrease from September.


Currently, there are 1.1 months of inventory (trend figure, per TRREB - current figures are much lower), once again increasing buyer competition at properties at virtually all price points.



Demand


Sales volume in Durham Region increased 42.3% from last year with 1377 units sold versus 968 last October. It was down from September by 7.7%. This is the highest volume on record for the month of October.


The time a property takes to sell is called DOM or days on market. It was 12 in October.


Another indicator of demand is sale price compared to list price. It was 104% in Durham in October, again showing very strong levels of buyer demand, as the typical property sold for well over list price.


These factors combined are a good barometer 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 very close to or over asking.


Durham Region Prices by Home Type


Durham Region Detached Home Prices


Durham Region Detached Home Prices 2020


Durham Region Townhouse Prices 2020


Durham Region Condo Prices 2020


Durham Real Estate Market Statistics by City

Clarington Real Estate Market Report



Oshawa Real Estate Market Report 2020


Whitby Real Estate Market Report 2020



Ajax Real Estate Market Report 2020



Pickering Real Estate Market Report


Scugog Real Estate Market Report

Uxbridge Real Estate Market Report 2020


Buyers will now find multiple offer scenarios increasingly common right now, at least in south Durham communities and lower price points. They are highly advised to get prepared - have their mortgage preapproval ready before looking at homes, and be prepared to view homes via photos and virtual tours as soon as they reach the market. Speak with your agent to discuss the process to move forward while being respectful of COVID-19 physical distancing and spread avoidance protocols.


Sellers should be considering getting on the market now or soon, and to work with their agent to implement mitigation protocols for COVID-19. Many brokerages are now using tools to enable showings virtually, via video call, as well as conducting client meetings and signings remotely, using digital tools.


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.


Durham Region Real Estate Daily Market Update


Durham Region Real Estate Market Update


Latest update - Dec 2, 2020 at 10:15am


The real estate market in Durham Region is still strong, with low inventory and prices rising above all-time record levels set this summer, even as sales volumes have come down substantially over the past few months.


We are now seeing a sustained surge in prices from lows experienced during the COVID-19 economic shutdown. Sales volume has eased substantially from record levels in July, though it is still higher than what we experienced in April and May,


Durham Region Sellers Market


Supply is extremely tight with 0.6 months of inventory (MOI) for the region, with those areas in south Durham at the lowest levels. (This means that at the current pace of sales, with no new listings, all inventory would be sold within this time frame).


Some areas are more constrained. Oshawa, Whitby and Ajax have 0.5, 0.5 and 0.4 months of inventory, respectively.


In November, transactions reported thus far had selling prices averaging 757,853 in Durham Region, with the average property selling at 104.4% of list price (SP/LP). South Durham areas showed the highest ratios. This is a 3.2% increase from last month and a 23.5% increase from last year.



Durham Region Real Estate Prices


The rise in average prices reflects a higher number of properties selling at higher price points, combined with multiple offer situations at low and mid-range price points. If you look at the selling price to list price ratios in the above chart, most communities are showing sales at levels above asking.


This may also be indicative of stronger buyer activity and competition as COVID-19 restrictions became less stringent.


Durham Region Real Estate Market Sales Volume


Higher priced homes (over 800,000) are now selling faster and with more volume (376 units, 15.5 DOM, 102.8% SP/LP), as families looking for higher-priced detached homes are actively buying.


Most of the ones that are at the lower end of the price curve (under 800,000) are selling for much more than asking (717 units, 13.5 DOM, 105.8% SP/LP), indicating that there still is very strong demand out there.


Days on market (DOM) averaged 14.2 days. This figure has been trending lower recently as we head into colder weather.


Inventory levels are much lower now compared to late March and April when increases were indicative of the slowdown in listing activity due to COVID-19 mitigation efforts.


Pace of sales was at 36.4 units per day - down 26.7% from last month and up 13.1% from the same period last year. 


Expect this number to increase as sales from the last few days of the month are recorded onto the MLS system.


Buyers will now find multiple offer scenarios increasingly common right now, at least in south Durham communities and low to mid-price points. They are highly advised to get prepared - have their mortgage preapproval ready before looking at homes, and be prepared to view homes via photos and virtual tours as soon as they reach the market. Speak with your agent to discuss the process to move forward while being respectful of COVID-19 physical distancing and spread avoidance protocols.


Sellers should be considering getting on the market now or soon, and to work with their agent to implement mitigation protocols for COVID-19. Many brokerages are now using tools to enable showings virtually, via video call, as well as conducting client meetings and signings remotely, using digital tools.


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 this further without any obligation.


John Owen

Broker, REALTOR®, RE/MAX Impact Realty

905-434-0067


* - 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.



Want to keep updated on Durham Real Estate? 

       



Older Reports

September 2020

August 2020

July 2020

June 2020

April 2020

March 2020

February 2020

January 2020

December 2019

November 2019

October 2019


More are in the archive. 


Member, Canadian Real Estate Association (CREA), Ontario Real Estate Association (OREA), Toronto Regional Real Estate Board (TRREB).

      

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