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 May 2021 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 2,048 new listings come to the market in Durham Region this May which was an increase of 79.96% than the 1138 that came to market last year at this time.
We had 1,574 homes sold in Durham Region this May and that is a significant increase of over 104.42 from the 770 that were sold at the same time in 2020.
AVERAGE SALES PRICE
So, what does this all mean for sales prices? The average sale price in Durham Region in May 2021 was $ 902,135. This is an increase of from the 2020 average of $ 651,590!
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.
-Sellers. It currently is a seller market and we have no idea when the activity will slow down. Demand from the GTA continues to be quite strong and if there is a large exodus of buyers from the GTA, we should see demand and prices trend consistently higher
-Buyers. With such low rates, we are seeing huge demand for the first-time buyer price point as 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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Thank you so much for reading and please never hesitate to let me know if you have any questions.
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.