August figures are now in and, surprise, surprise, the trend continues. Summer ends on the same note it started on. As I’m sure you have heard we’re in the midst of a very hot sellers market. Whether you’ve seen it on CP24, heard people talking on the GO, or just seeing your neighbours house sell in a day with tonnes of people coming and going.
We have an extremely tight sellers market currently in Durham Region, which means inventory is super low. This can be attributed to a variety of reasons, which we will save for another day! The number of active listings has decreased by almost 5%, with MOI (months of inventory) at a ridiculously low 1.2 months. (If no new listings come on the market today, we would be out of inventory in just over a month; meanwhile, we consider a balanced market at 5-7 months of inventory!)
We have almost 5% LESS listings than last year yet 5.8% MORE sales in the same time frame, which has helped pushed average selling prices almost 18.3%. If you had bought a home for $440,000 a year ago, that same home would be worth $521,000 today!
Ajax has seen actually seen a decrease in the both the number of sales AND listings from last year. The average selling price is 16.7% higher than last year.
Whitby had a decrease in the number of listings yet has had more sales which is exactly why the average sale price has increased by 17.2%
Clarington has a higher yearly increase in sale price compared to Durham Region at 19%. Inventory was almost a tenth less than a year ago while the number of sales bumped up 2.7%.
Pickering had one of the lowest increases in value at a “meagre” 14.5% increase. Just fewer than 5% less listings and 6.5% more sales.
Oshawa leads the pack at value increasing by 23.6%!! Going against the trend we have actually seen an INCREASE of 1.8% in inventory but the number of sales jumped 13.2%
Obviously, there are unique pockets within each city that will have their own numbers that may not reflect what we have reviewed. To find out what your property is actually worth, it’s always recommended to have a professional realtor give you a current market evaluation. They would take into consideration additional factors such as the property condition, upgrades and proximity to vital services and amenities to give you an accurate value.