Durham Region's real estate market completed the summer with balanced results. Buyers are more active, with volume and selling prices relative to asking both trending higher in some areas.
Prices in Durham Region increased 1.4% over September of 2017 and dropped 0.6% since August 2018. The slight dip from August is contrary to the overall TREB market, which posted a 4.1% gain. It bodes well for sellers in October, as there is normally a jump in activity following the summer.
Average prices for all of TREB showed a different trend, with both an annual gain and a monthly increase, as shown in the above chart (red line), though the numbers since October are following a more typical price trend that we saw in the previous year (as prices were mostly rising regardless of season). Durham Region (blue line) prices have also increased yearly with some dropping recently, as per the seasonal trend.
The Toronto Real Estate Board's (TREB) latest market statistics show the average Durham property at $587,009 - down from last month's 590,706 by $3,697 (0.6%).
Sales volume dropped 7.4% with 773 units sold versus 835 last September
The average selling price of homes in the GTA this September was $796,786. This represents a 2.7% increase since September 2017. Sales volume was up 1.2%.
Inventory - Shifts are creating bidding wars in some areas
Active listings within the board increased 5.6% from last year. There was a dip in inventory in Toronto, which is at least partially responsible for the increased prices across the board - less inventory means more common bidding wars as supply falls, and that is reflected in the higher selling price to asking price ratio (99%). In the city of Toronto, the ratio was 101%.
In Durham, active listings increased 7.2% with 2171 active listings over 2025 last year.
The average property in Durham sold for 98% of asking. That's just below figures for the entire GTA.
The current trend shows 2.4 months of inventory.
Prices By Home Style
What are homes selling for in Durham Region Cities?
Oshawa had mixed results with a 2.8% annual increase in price. It showed a 3.0% drop monthly. Volume was down 18.2%.
Whitby continued to show price erosion, with a 5.3% annual price drop, combined with a monthly price drop of 2.6%, along with a 3.6% decrease in sales volume. Good news for buyers looking to take advantage.
Clarington continued to show fantastic results with a 7.6% annual price increase, and a 1.2% monthly jump. Volume was down 15.8% from last September.
Prices reached a yearly high in September, eclipsing spring values in a surge that bucks normal patterns and shows just how desirable the area is becoming.
Prices increased 1.7% annually in Ajax and were up 1.8% monthly. It also experienced a volume increase of 1.5%.
Pickering had a slight decline in price -2.1% year-over-year but rose 6.3% monthly. It had a jump in volume +5.4% annually. The price performance here has underperformed compared to other cities, and provides good opportunity for buyers.
Inventory levels have been dropping across the GTA with 1.9 months of inventory on hand across the board. This means that a current sales levels, all of the property would be bought up in the GTA in 1.9 months (if no new listings were added). In Durham, there is 2.4 months inventory.
The average listing in Durham spent 27 days on the market. The TREB average was 21 days.
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.