Hey guys, Jacob here. In today’s blog we’re going to be reviewing the market update numbers for Durham Region as of March 2019. Please keep in mind this is a general overview for all of Durham Region. Every single city as well as every single pocket within those cities is going to have varying numbers. If you’re interested to know more or you’re curious to know what your house is worth in the current market, never hesitate to reach out to us. We offer a free no-obligation market evaluation for all of you. However, some of you may not necessarily want to have an agent come through your house, we have a solution for you as well. Click here, type in your address and we will send you an online market evaluation. There is no-cost or commitment for any of this.
Now having said that, let’s jump right into the numbers. When we look at the total number of new listings that came to market last month, we’re actually down. A year ago we saw 1,755 new listings come to market in Durham Region and last month we had 1,617. That’s a significant drop of activity from a year ago because we had actually saw a drop of activity back then as well so the inventory is actually getting tighter.
In March 2018 we saw 846 sales take place and last month we saw 839, less than 1% difference from a year ago. So listings have decreased, but the amount of sales activity has stayed relatively the same.
When we look at the actual average sales price, which is all that people really care about, we’ve seen a huge jump in average sales prices. This is the first time this year that the average sales price for Durham Region has cracked over $600,000. That’s an increase of about 1.1% from a year ago and also an increase from the average sales price in February which was $585,000.
We’ve seen a drastic reduction in the total months of inventory because of the significant drop in total number of listings while activity is staying the same. We’re at 2.1 months of inventory and that means if we were to stop listing homes today and houses kept selling at the rate they’ve been selling; we would run out of inventory in 2.1 months. We are definitely still within a sellers’ market as a sellers’ market is anything under four. People just can’t seem to understand this because it’s such a huge shift from what we were dealing with two years ago, a super sellers’ market. This was not healthy or sustainable.
Another thing we’ve seen start tightening up is the days on market. In January the average days on market were 34, February was 24, and in March it was 21. It’s getting shorter and shorter for the average agent to sell their house so this is all pointing to the inventory tightening up and the market heating up.
So where is this headed in the future? In my opinion I do believe Durham Region is fairly well insulated. We’ve got a lot of people coming out from the GTA because we’re still extremely cheap when it comes to all of the areas surrounding the GTA. Inventory is still fairly tight so I see our prices actually slowly moving back up. I don’t see things getting crazy hectic, but you never know.
As a buyer you should be making decisions a little bit quicker. If you’ve been looking for a home for over two months you’re actually paying more now than you could have if you bought two months ago. Sitting on the sidelines is not helping you out. If you’re contemplating buying a home because you are upsizing, downsizing, buying your first home, whatever the situation may be you should be doing that based on what your needs are and not trying to time the market. If you try to do that you will most likely be wrong.
We’ve got a lot of amazing new developments taking place. I was actually at the OH! townhome development launch earlier this week so if you’re interested we’ve got floor plans and pricing available. There are also some amazing development opportunities for new builds in Brooklin and Bowmanville. Wherever you are looking we’ve got contacts with those builders as well. Visit our website for more information of new builds.
If you’re interested in a home market evaluation, we’ve got you covered here. We also offer free seller’s and buyer’s guides. We are here to help you with any aspect of real estate when it comes to Durham Region. Our goal is to be your source for all thing’s real estate in Durham Region.
I hope you enjoyed this month’s market update and if you have any questions or comments please leave them below.