Here it is again for your reading pleasure - your monthly market update! Things have really changed since the beginning of the year! Last month, there was a huge increase in the number of new listings, and an overall decreased in average sale price. The market appears to be balancing out, and much like last month, buyers are enjoying the opportunity to buy without having to compete in multiple-offer situations, while at the same time sellers are appreciating their increase in equity over the last few years.
The number of active listings in Durham Region has increased by 40% from this time last year.
Sales have actually decreased by 3% as compared to last year, while average selling prices are up 30% across Durham Region.
What does this mean for your specific area?
Here’s a breakdown of Durham Region:
Pickering has seen a 31% increase in average selling price. Listings are up 17% and sales are down -15%.
Ajax has seen a 34% increase in the number of listings, as well as a -8% increase in the number of sales. The average selling price is 27% higher than last year.
Whitby saw a 45% increase in the number of listings as compared to last year, but 0% increase in the number of sales. The average selling price increased by 31%.
Clarington had a 50% increase in the number of listings. There was a 6% increase in the number of sales, and the average selling price has increased by 32%.
Oshawa experienced a 60% increase in the number of listings, but a 2% increase in the number of sales. The average selling price saw an increase at 33%.
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.