Unlike the weather, real estate sales in Durham Region came in like a lion, and stayed that way. Sales volumes jumped 43.4% over February. Even with that jump in volume, active listings managed to also spike higher, keeping prices somewhat in check.
Prices in Durham Region increased 1.1% from March 2018 and increased 4.1% since Frebruary 2019. The changes are larger than the overall TREB market, which posted a 0.5% annual increase (+1.0% monthly).
Average prices for all of TREB were 788,335 showing an annual gain of 0.5%, as shown in the above chart (red line). The seasonal winter and summer dips are clearly visible in the TREB price line (though the spring jump hit earlier than normal).
Durham Region (blue line) prices increase to show a yearly increase, 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 $604,796 - up from last month's 580,743 by $24,053 (4.1%).
Active listings in Durham Region were 1746 in March. That is an 0.8% decrease from last year and a 43.4% increase from February. This increase in active listings is helping to moderate price changes somewhat.
The overall TREB market had a 43% increase in active listings from February.
Sales volume in Durham Region dipped 0.8% from last year with 839 units sold versus 846 last March. It was up from February by a substantial 43.4%, showing a strong and early start to the spring market.
The time a property takes to sell is called DOM or days on market. It was 21 in March, showing an excellent pace to sales for this time of year.
Another indicator of demand is sale price compared to list price. It was 99% in Durham in March, 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 sharp increase in sales volume over February (+49.7%) (-2.9% annual change). Prices were up since Feb (+2.4%) and down (-4.4%) year-over-year. Detached homes jumped a whopping 38,831 over February, signaling a big increase in buyer demand for family homes.
Whitby had a big jump in sales volume from February (+53.5%), but was down slightly from last year (-2.9%). This is encouraging, as Whitby was in a volume slump up to December. Prices were up (+3.4%) from 2018 and (+5.6%) monthly. Expect things to continue price-wise in the coming months.
Clarington's market continues to surge. Sales volume was up (+39.1%) monthly and (+7.0%) annually. Prices were up (+4.5%) annually and were down marginally (-0.1%) monthly. Expect this strong market to continue into spring.
In Ajax, volume was up (+7.0%) annually but jumped (+29.7%) monthly. Prices increased (+2.6%) annually in Ajax and were also up (+1.6%) monthly.
Pickering had was even in volume monthly, and was up huge (+56.5%) year-over-year. It had a decrease in price (-0.7%) annually but increased (+10.7%) 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.
Member, Canadian Real Estate Association (CREA), Ontario Real Estate Association (OREA), Toronto Real Estate Board (TREB).
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