By: Shawn Lepp

Average Price in Durham Region Continues To Rise

Tags: Buying a home in Durham Region, Selling a home in Durham Region, Home Improvements

The Durham real estate market saw an overall decrease in the number of new listings coming onto the market compared to August 2020. The number of new listings for September was 1314, an increase of 12.59% month over month, however, this represents a decrease of 29.85% when compared to September 2020. The number of sales for the month of September was 1006 a decrease of 4.01% compared to September 2020 and a decrease of 32.57% year over year.

Durham Real Estate – Months Of Inventory (MOI)
The months of inventory indicator is used to determine supply and demand in the real estate industry. The MOI is calculated using the number of new listings divided by the sales. In other words, it no other homes came on the market, how long would it take to exhaust the current inventory.  The MOI ending September 20121 was .58 months – up from .46 months in August 2021 and down from .70 months at the same time last year. When we see the MOI this low, it is indicative of a seller’s market and we often see higher sales prices as more buyers compete for quality listings.
 
Durham Real Estate – Home Prices Up 31.89% Compared To Last Year
The average home price at the end of September was $968,136. This represented an increase of 5.45% compared to August 2021 and an increase of 31.89% year over year. We also continue to see quality properties selling quickly with the average days on market before a home sells being just 10 days.

Looking To See What The Market Is Doing In Your Area?
To get an accurate picture of what the real estate market is doing in your neighbourhood, I invite you to contact me today for more information.