Durham Region Real Estate Market Report For August 2020
Traditionally the dog days of summer are slow for the Durham Region real estate market. This August was anything but slow. While we did see a slight (italicized for emphasis) settling of the market in certain municipalities throughout the Region and out into the eastern 401 corridor, the market continues to be very competitive amongst much of Durham.
Here are some trends that we’re keeping our eye on as we head into the fall season:
- First is home values for detached homes. The average price of all home types climbed to $734,136 in Durham (even higher for detached homes) which is a 19.5% price increase over this time last year. With fierce competition continuing to drive price increases, we’re tightly analyzing pricing trends to stay one step ahead for both our buyers and sellers.
- Next is the inventory. We know that the lack of inventory is steering the competitive market so we’re keeping a close eye on changes to the number of new listings hitting the market as this will guide our strategy for both buyers and sellers. If we see a dramatic increase in the amount of listings, we will be ready to course-correct and adjust to a potentially balanced market.
- How mortgage deferrals will impact the industry. While economists have predicted a slower market and downturn in prices, we have yet to see that. However, it is still relatively unknown what long term effects of mortgage deferrals will have on the housing market. Realtors as a whole are collectively staying abreast of changing mortgage rules so that we can be ready to take proactive measures.
This market is extremely competitive and you need the right agent by your side to help. Ready to make your next move? We can help. Give us a call today!