Durham Region real estate ended the year quietly compared with many recent years when it seemed like the market never seemed to slow down at all. Sales volumes were down all over, and inventory was too, though prices actually made modest gains in most areas.
Prices in Durham Region increased 2.1% over December of 2017 and dipped 0.5% since November 2018. The slight drop from November is in contrast with the overall TREB market, which posted a 4.8% decline (-9.5% in Toronto).
Average prices for all of TREB were 750,180 showing an annual gain of 2.1%, 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 $587,200 - off from last month's 590,403 by $3,203 (0.5%).
Active listings in Durham Region were 1289 in December. That is a 18.2% drop from last year, but a huge drop of 38.9% from November. 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 33.9% decrease in active listings from November.
Sales volume in Durham Region dropped 18.2% from last year with 446 units sold versus 545 last December. It was down from this November by 38.9%.
The time a property takes to sell is called DOM or days on market. It was 34 in November, 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 October, 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 strong results with a 7.6% annual increase in price. It showed a 3% increase monthly. Volume was down 23.4% annually and 42.1% monthly.
Whitby had a 4.4% annual price drop, combined with a monthly price drop of 5.7%. It had a 21.3% annual decrease in sales volume and a 44.0% monthly drop. There is still good value here compared to the west.
Clarington continued to show good results with a 5.4% annual price increase, combined with a 2.6% increase from November. Volume was down 15.9% from last December, and 41.5% from this November.
Prices increased 2.5% annually in Ajax and were up 4.2% monthly. Volume fell 15% annually and 24.8% monthly.
Pickering had a 0.5% increase in price year-over-year and fell 6.8% monthly. It had a drop in volume of 29.6% annually and 39.4% 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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