Hi everyone, welcome back to our monthly market update! My name is Jacob and I’m a broker and team lead of Asparian & Co. We’re a boutique team focused on all things real estate in Durham Region. Today we’ll be reviewing the market update numbers for August 2021 but also looking at market activity levels to see if we can see where the market is heading now.
The basics! In every market, the 3 most important numbers we look at our listings, sales, and average sales price.
We saw a total of 1,167 new listings come to the market in Durham Region this August which was a decrease of 22% than the 1,839 that came to market last year at this time.
We had 1,048 homes sold in Durham Region this August and that is a decrease of 34% from the 1,515 that were sold at the same time in 2020.
AVERAGE SALES PRICE
So, what does this all mean for sales prices? The average sale price in Durham Region in August 2021 was $918,133. This is an increase of 25.1% from the 2020 average of $734,136!
Since the shutdown, I’ve had countless conversations about how to approach this market and as always, I tell them it really comes down to their needs. Don’t try and time the market! No one could have predicted a price increase like this.