It’s that time once again - your monthly market update as of January 2018!
Durham Region listings are up 30% from this time last year. Sales are down 21% and sale prices are also down 5% compared to January 2017.
Homes were sold within an average of 30 days on market for January 2018, in comparison to 15 days in January 2017. This increase could likely be due to the new “stress test” rules that require borrowers to qualify for mortgages at interest rates 2 per cent higher.
What does this mean for your specific area?
Here’s a breakdown of Durham Region:
Pickering has seen an 8% decrease in average selling price. Listings are up 47% and sales are down 36%.
Ajax has seen a 22% increase in the number of listings, but a 28% decrease in the number of sales. The average selling price is 6% lower than this time last year.
Whitby saw a 22% increase in the number of listings as compared to last year, but a 12% decrease in the number of sales. The average selling price decreased by 3%.
Clarington had a 23% increase in the number of listings. There was a 18% decrease in the number of sales, and the average selling price decreased by 1%.
Oshawa experienced a 28% increase in the number of listings, and a 26% decrease in the number of sales. The average selling price decreased by 6%.
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.