Ok everyone, here it is, your monthly market update! It looks like we’re finally starting to see some balance in the market. There is an increase in the number of new listings as compared to previous months as well as last year. Homes still continue to sell quickly (in an average of 10 days), suggesting that homebuyers are continuing to recognize what a great place Durham Region is to live. With this slight shift towards a more stable market, it looks like first-time homebuyers who were previously being squeezed out of the market now have more opportunity to purchase.
The number of active listings in Durham Region has increased by 37% from this time last year.
Sales have increased by 6% as compared to last year, and average selling prices are also up 34% across Durham Region.
What does this mean for your specific area?
Here’s a breakdown of Durham Region:
Pickering has seen a 36% increase in average selling price. Listings are up 16% and sales are down 7%.
Ajax has seen a 32% increase in the number of listings, as well as a 3% increase in the number of sales. The average selling price is 29% higher than last year.
Whitby saw a 44% increase in the number of listings as compared to last year, and an 8% increase in the number of sales. The average selling price has also increased by 33%!
Clarington had a 44% increase in the number of listings. There was also a 12% increase in the number of sales, and the average selling price has increased by 37%!
Oshawa experienced a 57% increase in the number of listings, as well an 11% increase in the number of sales. The average selling price saw an increase at 37%.
It’s important to remember that there are rare pockets within each city that will have their own unique numbers that may not reflect what we have reviewed. To find out what your property is worth, it’s always a good idea to have a professional realtor give you a current market evaluation. Factors such as the property condition, upgrades, and proximity to vital services and amenities to give you an accurate value.
If you’re interested in learning what your home is worth, don’t hesitate to contact Jacob for a confidential, no-obligation market evaluation.