After weeks of having more new listings than last year, last week in Durham Region had 14% less new inventory than same time a year ago and 85 less new listings than the week earlier.
Average sales price for the region hovers around 880K, while the number of sales was down by 33 comparing with the previous week.
Average asking price was higher by about 8% than same time last year, meanwhile average sales price was down by 1.6%.
We need more listings to truly feel a more balanced market. Multiple offers still happen on many properties that are priced right and a decline in new properties available for sale may further stimulate more buyer competition.
View the latest numbers for your city, and call, text, or email for more information on how this affects home selling or home buying plans.
Stay tuned for the next Durham Region real estate market update!
More choices are emerging for home buyers across all areas in Durham Region. The average number of sales last week was down 50% comparing with same time a year ago. The average sales price dropped to $999,000, down about 40K from the week earlier. Meanwhile, there were 617 new listings resulting in a 14% increase from same time last year.
More Homes Means More Choices for Home Buyers
Home buyers now have a lot more choices than we had throughout the pandemic and in the beginning of the year. Average list price has dropped similarly to the sales prices. Lower prices and more inventory are sparking hope for many first time buyers that had been previously priced out. Check in with your mortgage broker again if you have been sitting on the sidelines. This market is becoming a lot more buyer friendly.
New Opportunities in Durham Region
New opportunities for home buyers emerge in a shifting market. Many properties in Ajax, Whitby, Oshawa, Bowmanville, Pickering and Uxbridge are still priced under market value and sell with competitive and firm bids. Those who have purchased within the last few years know very well how competition creates a lot more stress and often doesn’t allow for an opportunity to conduct a thorough home inspection.
However, right now there are plenty of opportunities to purchase without competing. It seems buyers are used to homes selling for a lot more over asking price and still often expect properties to go way over asking even when priced spot on the market or overpriced. That’s often not the case. Don’t be afraid to make a reasonable offer on a property that seems to be priced higher, especially if it has been on the market for a while.
Check out the video to see what’s happening in your specific area and whether you’re moving or not reach out ☎️ and let’s chat about what these numbers mean for the value of your property or home buying plans!
Stay tuned for the next Durham Region real estate market update!
Hello Durham Region, here is your real estate market update:
The number of new properties offered for sale in the third week of April across Ajax, Pickering, Clarington, Oshawa, Scugog, Whitby, Brock, and Uxbridge has increased by 24% 📈 while at the same time the number of sales has dropped by 56% 📉 comparing with the same week in 2021.
Average sales price is higher by about 16% since same time LAST YEAR, however it is 60K lower than LAST WEEK, resulting in first change in weekly average prices in the last several weeks.
Average Prices For All Property Types in Durham Region
Here are average prices for all property types in Durham Region communities:
Ajax – 30 sales at an average price of $1.11M
Brock – only one sale at 386K, consequently it’s not a valid sample size for an average
Clarington – 37 sales at an average price of $970K
Oshawa – 49 sales at an average price of $924K
Pickering – 11 sales at an average price of $1.18M
Scugog – 9 sales at an average price of $990K
Uxbridge – 5 sales at an average price of $1.20M
Whitby – 40 sales at an average price of $1.19M
What Does It Mean For Durham Region Real Estate?
These numbers are very different from sales trends earlier in the year and are showing significant signs of a shifting market. What does it mean?
Firstly, there is less competition, consequently, if you’re planning to sell now is the time more than ever to be very strategic in preparation and marketing so you can receive top market value.
Secondly, first time homebuyers – if you’ve been sitting on the sidelines due to rising prices, now is a good time to check in with your with your mortgage broker. The big question is will lower prices increase affordability of your mortgage payment or will increased interest rates offset any savings in purchase price. As always, mortgage pre-approvals depend on many personal variables, so it’s important to check in with your broker first.
Check out the video to see what’s happening in your specific area and whether you’re moving or not reach out ☎️ and let’s chat about what these numbers mean for the value of your property or home buying plans!
Stay tuned for the next Durham Region real estate market update!
