Hello again, everyone! Let’s get right to the good stuff – your monthly market update! Much like previous months, things are still balancing out, and it appears that home buyers now have more freedom of choice as there is more and more inventory available across Durham Region.
The need to compete in multiple offer situations is starting to decrease, which is an especially good thing for first time buyers. In July, there was a huge increase in the number of new listings from the same time last year, however, the overall number of sales is down by 8%.
The number of active listings in Durham Region has increased by 39% from this time last year, and the average selling price has also seen an increase by 26%!
What does this mean for your specific area?
Here’s a breakdown of Durham Region:
Pickering has seen a 28% increase in average selling price. Listings are up 20%, however, sales are down 19%.
Ajax has seen a 32% increase in the number of listings, as well as a 14% decrease in the number of sales. The average selling price is 24% higher than last year.
Whitby saw a 40% increase in the number of listings as compared to last year, but 7% decrease in the number of sales. The average selling price increased by 28%.
Clarington had a 49% increase in the number of listings. There was a 3% increase in the number of sales, and the average selling price has increased by 28%.
Oshawa experienced a 58% increase in the number of listings, but a 4% decrease in the number of sales. The average selling price increased by 29%.
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.