Durham Region Real Estate Daily Market
Monthly Market Report follows the daily figures on this post.
Latest update - September 2, 2021 at 9:30am
The real estate market in Durham Region continues to outperform most GTA markets, with low inventory, low interest rates, and strong buyer demand resulting in prices rising to near all-time record levels. Volume continues to drop off from earlier highs in the year, though it is expected to be lower in the summer months.
Supply is very low, with 0.5 months of inventory (MOI) for the region. (This means that at the current pace of sales, with no new listings, all inventory would be sold within this time frame).
Whitby has just 0.3 MOI and Ajax has 0.4 MOI.
In August, transactions reported thus far had selling prices averaging 914,791 in Durham Region, with the average property selling at 112.6% of list price (SP/LP). This is a 0.5% increase from last month and a 24.6% increase from last year.
If you look at the selling price to list price ratios in the top chart, most communities are showing sales at levels well above list price. The following chart shows the trend - another key indicator of why the market is so hot right now.
Days on market (DOM) averaged 10.2 days.
Inventory levels are now trending lower than in the past couple of months.
Should new listings rise at a pace that is faster than current sales, then there would be more inventory for the pool of buyers to choose from, which will have the effect of reducing the sale price to list price ratio, then months of inventory stat, which leans the market closer to a balanced market.
During the drop-off in sales volume due to the first wave of COVID, active listings remained high as sales volume dropped and prices fell off substantially. More recently, sales volume has been more in line with the number of active listings, which is why prices have increased or stayed stable.
The pace of sales was at 34.7 units per day - down 2.5% from last month and down 28.8% from the same period last year.
Buyers will find multiple offers common through most 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.
Sellers should be considering getting on the market now or soon, and working with their agent to set their home apart from competitive listings while reaching the widest possible audience.
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.
MONTHLY MARKET REPORT
July this year was a more 'typical' July for Durham Region's real estate market.
With prices reaching record levels this year, there has been a lot of media attention on the market, with economists, government, and journalists warning of a sharp downturn in housing prices over the last year, as affordability and the economic effects of COVID would combine to pull the rug out from the momentum of the market.
The federal government jumped in at the start of June, with tighter mortgage qualification criteria, hoping to stifle buyer demand, as tight supply combined with low interest rates contributed to rising prices in the GTA and across the country.
Prices have come down, though ever-so-slightly in July. So with volume down, why are prices still so high? Read on to find out.
July 2021 Durham Region Real Estate Market Report
Low inventory combined with low interest rates and strong demand for homes in Durham Region were once again evident in the results, with sale prices still very close to all-time highs.
Prices in Durham rose by 28.3% since July 2020 and dropped 0.8% since June 2021.
The latest market statistics show the average Durham property at $910,197 - down versus last month's 917,267 by 7,070 (-0.8%).
Active listings in Durham Region were 576 at the time this report was compiled. That is a 39.9% decrease from last year and a 19.1% decrease from June.
There were 0.6 months of inventory at the end of July (trend figure, per TRREB), once again increasing buyer competition at properties at virtually all price points.
Sales volume in Durham Region decreased 10.0% from last year with 1104 units sold versus 1583 last July. Last July was the highest volume on record for the month of July, 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 11 in July.
Another indicator of demand is sale price compared to list price. It was 111% in Durham in July, again showing extremely strong levels of buyer demand, as the typical property sold for well over list price.
These factors combined are still very strong 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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Member, Canadian Real Estate Association (CREA), Ontario Real Estate Association (OREA), Toronto Regional Real Estate Board (TRREB).
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