Durham Region Real Estate Daily Market
Update
Monthly Market Report follows the daily figures on this post.
Latest update - July 4, 2021 at 2:45pm
The real estate market in Durham Region continues to beat expectations, with low inventory, low interest rates, and strong buyer demand resulting in prices rising to all-time record levels.
Watch out for the effects of the new mortgage stress test rules and rising interest rates!
Supply is very low, with 0.6 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 and Oshawa have 0.5 MOI. Ajax has just 0.4 MOI.
In June, transactions reported thus far had selling prices averaging 915,814 in Durham Region, with the average property selling at 110.6% of list price (SP/LP). This is a 1.5% increase from last month and a 33.5% 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 10.5 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 46.2 units per day - down 12.0% from last month and down 12.1% from the same period last year.
Buyers will now 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
There was a lot of attention on Durham Region's real estate market in May.
The record-breaking numbers in February and March were attributed to a shortage of listing inventory, low interest rates and high buyer demand.
Many economists and media outlets were, predictably, forecasting a sharp downturn in the market as they expected a big jump in listings combined with COVID-related lockdowns that would result in a big drop in demand and prices.
Well, that didn't happen, as sales volume largely kept pace with new listings, and prices actually reached new record levels. Sales volume has come down from March levels, though they were still the highest ever for May.
May 2021 Durham Region Real Estate Market Report
Strong demand, low interest rates, and scarce inventory of home listings in Durham Region were evident in the results, with sale prices once again reaching all-time highs.
Price
Prices in Durham jumped by 38.5% since May 2020 and increased 0.5% since April 2021.
The latest market statistics show the average Durham property at $902,135 - up versus last month's 897,741 by 4,394 (+0.5%).
Inventory
Active listings in Durham Region were 889 at the time this report was compiled. That is a 23.2% decrease from last year and a 0.8% increase from April.
There were 0.6 months of inventory at the end of May (trend figure, per TRREB), once again increasing buyer competition at properties at virtually all price points.
Demand
Sales volume in Durham Region increased 130.0% from last year with 1574 units sold versus 770 last May. This is the highest volume on record for the month of May.
The time a property takes to sell is called DOM or days on market. It was 10 in May.
Another indicator of demand is sale price compared to list price. It was 112% in Durham in May, again showing extremely 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 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.
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.
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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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