Durham Region real estate started 2019 at a much stronger pace than it finished 2018, and also over January of 2018. Sales volumes were sharply up in many areas, and inventory remains relatively low. Prices are at seasonal lows, but may not stay that way for long.
Price
Prices in Durham Region dropped 0.1% from January 2018 and dipped 1.6% since December 2018. The changes are in slight contrast with the overall TREB market, which posted a 1.6% annual increase (+1.4% in Toronto).
Average prices for all of TREB were 748,328 showing an annual gain of 1.6%, as shown in the above chart (red line). The seasonal winter and summer dips are clearly visible in the TREB price line.
Durham Region (blue line) prices have also increased yearly, though with much less volatility than the TREB numbers showed in the seasonal trends.
The Toronto Real Estate Board's (TREB) latest market statistics show the average Durham property at $483,860 - off from last month's 516,880 by $33,020 (6.4%).
Inventory
Active listings in Durham Region were 358 in January. That is a 7.8% increase from last year and a 0.3% increase from December. In a recent trend, the drop in active listings has impacted higher pricing recently. If that scarcity of listings continues, we may well see continued pressure on higher prices due to buyer competition.
The overall TREB marketh had a 4.6% increase in active listings from December.
Demand
Sales volume in Durham Region jumped 8.1% from last year with 508 units sold versus 470 last January. It was up from December by a substantial 13.9%, going sharply against the seasonal norm.
The time a property takes to sell is called DOM or days on market. It was 32 in January, showing a good pace to sales for this time of year.
Another indicator of demand is sale price compared to list price. It was 98% in Durham in January, again showing good levels of 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 big jump in sales volume with an 8.1% annual and 21.9% monthly increase. Prices were virtually even with last year (-0.1%) and down 1.6% since December.
Whitby had a big jump in sales volume from December (+18.6%) and was down 1.2% from last year. Prices were down 9.9% from 2018 and 1.6% monthly.
Clarington's market is on fire lately. Sales volume was up a massive 46.4% monthly and 20.2% annually. Prices are up 2.7% annually and were down 1.5% monthly. If the sales volume persists, watch out for prices to rise before the spring market arrives.
Prices increased 6.0% annually in Ajax and were down 1.7% monthly. Volume fell 13.6% annually and 18.8% monthly.
Pickering had an 8.2% increase in price year-over-year and also 3.0% monthly. It had a jump in volume of 13.6% annually but fell 12.3% monthly.
Durham Region and areas to the North and East
This chart shows prices over the last year for all residential properties in Durham Region, Kawartha Lakes, Peterborough (including County) and Northumberland.
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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