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 team focused on all things real estate in Durham Region and today we are going to review the market update numbers as of November 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 1044 new listings come to the market in Durham Region this November, which was a decrease of 11.5% from the 1179 that came to market last year at this time.
Although we saw a decrease in listings from a year ago, Durham Region has seen 3% more listings over the course of this year than in 2018.
We had 872 homes sell in Durham Region in October and that is a significant increase of almost 20% from the 730 that were sold in November 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 November 2019 was $611,872.. This is an increase of almost 4% from the 2018 average of $590,403.
Now the total months of inventory in Durham Region is currently at 1.6 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 2.4 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(23) which is quicker than the 27 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 83.5%. This means that 84 out of every 100 listings actually sells. This is very high but expected for this time of year since new inventory falls drastically.
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 November:
Average sale price has held to above $600,000 for the longest time ever. 9 consecutive months! The only time this happened before was when we saw values stay above the $600,000 mark for 6 months. Back then values jumped almost 40% in that short time 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. We will keep a close eye on average sale price over the next couple months.
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 Oshawa, Whitby, Clarington, Ajax or Pickering, 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.
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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 time, have a good one!