Hi everyone, welcome back to our monthly market update! For those of you who don’t know me, my name is Jacob and I’m a broker and team lead of Asparian & Co. We’re a boutique team focused on all things real estate in Durham Region. Today we’ll be reviewing the market update numbers for August 2020 but also looking at market activity levels to see if we can see where the market is heading now.
Usually, to get a sense of what’s happening in the market, we look at the total number of listings, sales, average market price as well as a few key indicators to compare to.
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 1839 new listings come to the market in Durham Region this August, which was a noticeable increase of 19.26% than the 1542 that came to market last year at this time.
We had 1515 homes sold in Durham Region this August and that is a significant increase of over 44.84% from the 1046 that were sold at the same time in 2019.
AVERAGE SALES PRICE
So what does this all mean for sales prices? The average sale price in Durham Region in August 2020 was $734,136. This is an increase of 19.5% from the 2019 average of $614,362!
Since the shutdown, I’ve had countless conversations about how to approach this market and as always, I tell them it really comes down to their needs. Don’t try and time the market! No one could have predicted a price increase like this right after the shutdown.
-Sellers. It currently is a seller market and we have no idea when the activity will slow down. Demand from the GTA seems to be quite strong and if there is a continuous exodus of buyers from the GTA, we should see demand and prices trend consistently higher
-Buyers. The really active buyers took advantage of the lull in the market. It seems as though the market took a nap for 3 months but it has woken up with ferocity. We are seeing huge demand for the first time buyer price point asn it has gotten quite competitive. It’s important to hire a professional you can rely on and guide you
It really does come down to your personal needs and motivations which is why you should speak with a professional you trust and ask questions. We offer no obligation consultations and market evaluations that can be done virtually so please never hesitate to reach out if you need anything.
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 month, have a good one!