DURHAM REGION REAL ESTATE MONTHLY HOUSING REPORT
Summarized by Jacob Asparian, Broker
Hey what's going on everybody! Happy new year! I hope your year is off to a great start. My name is Jacob and I’m the team lead for Asparian & Co, a team focused on all things real estate in Durham Region. Today we are going to review the market update numbers as of December 2019.
To try and get a sense of what is happening in the market, we are going to look at the total number of listings, sales, and average market price in Durham Region.We will also do a deeper dive by looking at current inventory benchmarks and then talk about what this all means with a few key takeaways.
The basics! In every market, the 3 most important numbers we look at are listings, sales and average sales price
We saw a total of 428 new listings come to the market in Durham Region this December, which was a drastic decrease of 21.2% from the 543 that came to market last year at this time.
Overall, Durham Region saw 2% more listings in 2019 than 2018.
We had 518 homes sell in Durham Region this December and that is a significant increase of almost 16% from the 446 that were sold in December 2018.
This is a 19% increase in sales when you look at the total numbers on a year over year basis.
AVERAGE SALES PRICE
So what does this all mean for sales prices? The average sale price in Durham Region in December 2019 was $640,269. This is an increase of 9% from the 2018 average of $587,200!
Now the total months of inventory in Durham Region is currently at 1.7 which means we are still in a fairly tight sellers market. This is even less inventory than what we had a year ago when we were sitting at 2.9 months of inventory.
What does months of inventory means? If we stopped listing homes and kept selling at the current pace, it is how long the inventory would last for. Anything under 4 months of inventory is considered a sellers market while anything over 6 is a buyers market and everything in the middle is balanced.
Days on market is at 28 which is quicker than the 34 we were at last year at this time.
The average sale price to list price ratio was 99% and SNLR (sales to new listing ratio) is 121%. This is very high, especially for this time of year. We will be keeping a very close eye on if these numbers keep this trend going into the new year/
An SNLR between 40-60% is considered a balanced market with 50 being perfectly balanced. Over 60 is considered a sellers market and under 40 is a buyers. Technically, we are in the midst of a tight sellers real estate market again in Durham Region but we will see if it is just an anomaly due to a busy December or if the trend will continue.
My main takeaway from December:
Average sale price has not only held to above $600,000 for the longest time ever, 10 consecutive months but we have actually seen a huge jump in average sales prices, highest since May 2017!
While we had one slowest Decembers with regards to new listings, demand continued to outpace the inventory and sales actually surpassed the number of new listings for the first time all year
-Buyers. You have competition out there. It is extremely important to have a knowledgeable realtor working for you.
-Seller. To get your home sold for top dollar, make sure you still put the time in to showcase the property to its full potential. Prices fluctuate drastically throughout Durham Region, every single city and even the neighborhoods within those cities, are going to have varying numbers.
There are so many variables out of our control that can affect our market that we really dont know whats going to happen in 30 days ,let alone 6-12 months, however, I genuinely believe Durham Region still has a lot of room for growth. With our proximity to Toronto and continued investment by all levels of government and businesses in the area, it is becoming no brainer for people who are looking for somewhere to establish roots. While we have seen strong growth over the last year, we are still quite undervalued compared to other municipalities around the GTA.
As always, please keep in mind that this is just a general overview. If you are ever curious to know what your home is worth in the current real estate market, please never hesitate to reach out. We offer no cost, no obligation market evaluations for all of you out there if you are thinking of selling or want a second opinion.
If you don’t necessarily want to meet with an agent just yet, no problem! Visit the link and we will send you a free online market evaluation. There is no cost or obligation for any of this.
If you enjoyed this please like and share with anyone else you think would enjoy this and be sure to like/subscribe to be kept up to date for all upcoming vlogs and blogs. Thank you so much for reading and please never hesitate to let me know if you have any questions.
Whether you’re thinking of buying, selling, or just interested to know what’s happening in the market, my team and I are always here to help answer any questions that you may have. Make sure you go give us a follow on FB, IG or LinkedIn to stay connected and to sign up for our weekly newsletters to be the first to get our new content/and listings.
Until next month, happy new year and lets make 2020 the best one yet!