When we look at the total days on market, we’re sitting at just under three weeks at 20 days. That’s actually pretty good. This is an average, so that means there’s quite a few homes that are actually selling quite a bit quicker than that, but 20 days is still fairly quick.
Days on market is what is helping result in our months of inventory sitting at 1.9. What’s months of inventory? If we were to stop listing today, but we kept selling at the current rate we’ve been selling for, how long before we run out of inventory? It’s a great way to gauge the amount of inventory versus activity. We’re at 1.9 months which is actually a sellers’ market. Anything under four months of inventory is a sellers’ market, it’s four to six that is a balanced one. Anything over six months is a buyer’s market, so we’re not anywhere close to that.
Another interesting stat that the real estate board is starting to keep track of is sales to new listings ratio. This means that out of all the homes that come on the market, how many of those are actually selling? Believe it or not, Durham Region’s rate is 53%. This means that 53 out of 100 homes are selling when they come on the market, but 47 people who are listing their homes are not selling. That is quite a high number of people not selling.
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