JULY 30 - How Many Homes Sell Above Asking Price In Durham Region?

Last week of July brought fewer new listings on the market which is typical before the summer long weekend, with sales going steady at 140, a few more than the week earlier.

Increase In Average Selling Price

Average price for all property types in Durham last week was at 948K, an increase of 86K from the week earlier. While sometimes there may be a few outliers that can affect the numbers in a given week, it is important to note that last week’s average prices were higher across all Durham communities, with the exception of Ajax where the average was lower by 7K.

Buyer Competition In Durham Region

Out of 140 properties sold in Durham last week, 71 of those sold either at FULL asking price or ABOVE asking price. Which is more than 50% of sold homes. In fact, 55 of those sold for more than 101% of asking price, indicating buyer competitions of more than one offer.

Of all of the listings that sold at or above asking, 65 were freehold and 6 were condos.

Here is a breakdown of properties sold per Durham Region’s communities with number of properties sold at 101% or more of asking price in the brackets:

Ajax – 16 sales (9 over asking)

Brock – 2 sales (0 over asking)

Clarington – 23 sales (10 over asking)

Oshawa – 35 sales (12 over asking)

Pickering – 21 sales (8 over asking)

Scugog – 3 sales (1 over asking)

Uxbridge – 7 sales (2 over asking)

Whitby – 30 sales (13 over asking)

Why Is It Important?

For home sellers – knowing the current competition trends will help you price and position your property strategically, so you can have a choice of best offer price and terms.

For home buyers – be prepared that the home you may be interested in may also be desired by competing buyers. Evaluating each property’s pricing before submitting an offer will help avoid potential competition as there are many homes available right now that are priced for negotiation, but due to higher asking price these homes do tend to be overlooked by the buyers.

Competition varies between different types of properties and neighbouroods – reach out for more information.