DURHAM REGION REAL ESTATE MONTHLY HOUSING REPORT
Summarized by Jacob Asparian, Broker
Hey what's going on everybody! Welcome back to our monthly real estate market update.
My name is Jacob and I’m the team lead for Asparian & Co, a boutique real estate team focused on residential real estate in Durham Region and today we are going to review the real estate market update numbers for October 2019. 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. Before we jump into it, 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.
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 1625 new listings come to the market in Durham Region this October, which was a decrease of 1.16% than the 1644 that came to market last year at this time.
Although we saw a decrease in listings from a year ago, Durham Region has seen 4% more listings over the course of this year than in 2018.
We had 968 homes sell in Durham Region in October and that is a significant increase of over 21% from the 798 that were sold in October 2018. This is an 18% increase in sales when you look at the 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 October 2019 was $613,606. This is an increase of 4% from the 2018 average of $588,968.
Now the total months of inventory in Durham Region is currently at 1.9 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 2.6 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 are just over 3 weeks which is quite quick average as we had been hovering around 4 weeks for most of the year.
The average sale price to list price ratio was 99% and SNLR (sales to new listing ratio) is 59.6%. This means that 60 out of every 100 listings actually sells (which also means 40 listings are NOT selling!)
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 verging on to a tight sellers real estate market again in Durham Region.
My main takeaway from October:
Average sale price has held to above $600,000 for the longest time ever. 8 consecutive months. The only time this has happened, we saw values stay above for 6 months and then property values began its 3 month plummet of 20%. This time around the values are more stable and I would guess that the sub $600,000 average price is a thing of the past.
Demand has outstripped inventory and i am interested to see where this takes us but we are definitely back to a sellers market
-Buyers. You have competition out there. Work closely with your realtor to be the first in any new listings on the market.
-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.
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
Please keep in mind, every single city and even the neighborhoods within those cities, are going to have varying numbers. If you would like a more specific market update for your city, we have an online mailing list where we will send you your cities breakdown so you can stay in the know!
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. Until next time, have a good one!