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!
The changes in the real estate market in Durham Region are evident in the last week of April. The average price for all property types in Clarington, Oshawa, Ajax, Whitby, Pickering, Brock, Scugog, and Uxbridge, was down by 10K from the week before and by about 80K since the last week of March.
The questions that are popping up lately are: does this mean the prices will continue to change? Is the market going to drop?
Are Homes Still Selling With Multiple Bids in Durham region?
Firstly, whether or not a home will receive multiple offers depends on the marketing and pricing strategy. Secondly, it also depends on the buyer demand. However if a home was listed at $1, I am sure it will receive a lot of attention even in a strong buyer’s market. While we do see a change in pricing and buyer trends, many properties still sell with multiple bids, especially entry level homes.
Seller’s Market vs Buyer’s Market
Are we going to have a buyer’s market? BUYER’S MARKET is defined as having 6 MONTHS or more of inventory. That means that if no new homes are listed on the market it will take about 6 MONTHS or more to sell all the existing listings. BALANCED MARKET is when we have about 4-6 MONTHS of inventory. Right now we have about 2-3 WEEKS of inventory in Durham Region. On average it takes about 8 days for a property to sell. As a result, the reality is that we are very far from having a balanced market. The changes in real estate market in Durham region are here however, by definition we are still in a strong seller’s market, it just feels different comparing with earlier this year.
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!
