The Durham Region real estate market posted yet another strong month in May, with gains in both sales volume and prices. Sales volume was again up sharply, while average selling prices were up both monthly and annually.
The GTA overall is well on its way back to a seller's market, with some areas posting an average selling price at over 100% of list, with bidding wars on many properties. Durham wasn't far behind, at 99%.
Prices in Durham Region increased 4.2% from May 2018 and increased 1.6% since April 2019. The overall The Toronto Real Estate Board's (TREB) market posted a 4.1% annual increase (+2.2% monthly).
Average prices for all of TREB were 838,540 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 showed a healthy yearly increase, though with much less seasonal volatility than the TREB numbers showed in the seasonal trends.
The latest market statistics show the average Durham property at $622,292 - up from last month's 612,195 by $10,097 (+1.6%).
Active listings in Durham Region were 2309 in May. That is a 1.1% increase from last year and a 15.2% increase from April. This increase in active listings isn't keeping pace with sales, helping to drive prices higher at a strong pace.
The overall TREB market had an 11% increase in active listings from April.
Sales volume in Durham Region increased 36.9% from last year with 1176 units sold versus 859 last May. It was up from April by a healthy 9.4%, showing continued momentum to the spring market.
The time a property takes to sell is called DOM or days on market. It was 19 in May, showing an excellent pace to sales.
Another indicator of demand is sale price compared to list price. It was 99% in Durham in May, 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 very strong increase in sales volume over April (+9.4%) (+40.2% annual change). Prices were up since Apr (+3.2%) and (+3.1%) year-over-year.
Whitby had a big jump in sales volume from April (+19.8%) and was also up from last year (+50.3). This is encouraging, as Whitby was in a volume slump up to December. Prices were up (+5.9%) from 2018 and (+2.7%) monthly.
Clarington's market eased off somewhat in May. Sales volume dropped (-4.7%) monthly, though it was up (+12.3%) annually. Prices were up (+9.1%) annually but dipped (-1.3%) monthly.
This is a good opportunity for buyers who may have missed out earlier in the spring, as prices on detached homes have dropped. Given the pace of the local market, things may head back upward again soon, unless new listings continue to keep pace with sales.
In Ajax, volume was way up (+53.2%) annually and jumped (+13.9%) monthly. Prices also rose (+8.7%) annually in Ajax and were also up (+5.6%) monthly.
Pickering was even in volume monthly (no change) and was up (+31.5%) year-over-year. It had a decrease in price (-3.0%) annually but rose (+2.3%) monthly.
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