Hope everyone had a good Thanksgiving. Now that the turkey hangovers are wearing off, let us take a look at the fall stats. As expected, September continued with the same intensity that the summer ended on.
We have an extremely tight sellers-market 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 4%, with MOI (months of inventory) at a ridiculously low 1.3 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!)
While we have LESS listings than last year we also have 6.3% MORE sales in the same time frame, which has helped pushed average selling prices an astronomical 19.2%. If you had bought a home for $400,000 a year ago, that same home would be worth $476,000 today!
Let’s dive a bit deeper in Durham shall we? What does this mean for you and where you live?
Ajax has seen actually seen a decrease in the both the number of sales AND listings from last year. Listings are down 7.6% and sales are down 3.8% The average selling price is 17.3% higher than last year.
Whitby had a decrease in the number of listings by 1.9% yet has had 6.0% more sales which is exactly why the average sale price has increased by 18.0%
Clarington has had a 20% increase in property prices. Listings are down 6.5% but an increase of just over 3%.
Pickering has seen a “paltry” increase of sales price increasing 15.8%. Listings are down 4.5% and sales are up 7.7%.
Oshawa continues to lead the pack at value increasing by 24.8%!! Going against the trend we have actually seen an INCREASE of 4.1% in inventory and the number of sales jumped 13.6%
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.