December 2022 Market Watch
Thursday Dec 22nd, 2022
' Tis The Season...
It’s the most wonderful time of the year once again, when holiday joy fills the heart! This year, more than ever, the whole world needs a little more hope, a little more grace, and a little more peace...it is our greatest wish that this Christmas, your lives will be blessed with happiness, health and everything that is good and positive, beautiful and kind.
At our brokerage, the holiday spirit is alive and well. We kicked off the season with our annual decorating of the Parkwood Estate for its fabulous Christmas tours. This is always such a profound honour for our company and one we cherish each year! Our 3rd Annual Tour of Lights is well underway! Check out our RE/MAX Jazz Facebook Page for all the details and to see where the best decorated homes in the Durham Region are located! Finally, we launched our first ever Christmas Toy Drive to benefit Oshawa’s Simcoe Hall Settlement House! Donations of new, unwrapped toys are gratefully accepted at our 21 Drew St. Oshawa location until December 20th. We’re hoping to build our own toy mountain to impart the magic and meaning of Christmas to local children in need.
At this special holiday time, our thoughts always turn gratefully to all of you who have helped us achieve yet another successful year. Over the course of our career, you have entrusted us with not just your move, but with the moves of your friends, family and neighbours. For that we are forever thankful. It is the highest compliment in the world to be the name you recommend, and we do not take it for granted. Because of you, we enjoy a career filled with truly meaningful relationships – serving generations of families and circles of friends. With the deepest appreciation, we say thank you.
Whatever you do and wherever you go this Christmas, enjoy!
Cheers to a spectacular new year ahead!
The Month of October in Review
In October, the Durham Region Association of REALTORS reported 632 residential sales in the Durham Region, down a whopping 40% from the 1,047 sales of October 2021, and 4.5 % from September 2022, when 662 sales were reported. Year-to-date, our sales volume is down 31% compared to 2021, with 8,938 homes selling so far this year.
The average selling price in the Durham Region for the month of October was $893,673 -- down $21,354 or almost 2.5% from September 2022 when we saw an average of $915,027; and down 9.5%, or $94,681, from the October 2021 average of $988,354. October 2022 represents the sixth consecutive month where the average sale price has fallen below the one million dollar mark, and the first time in 18 months that the average price has fallen below $900,000. While we experienced a drop between September and October, the really fascinating numbers to look at are those of Oshawa and Ajax: Oshawa posted the most significant loss at 5%, while Ajax posted an 8% increase! Baffling! This is a great illustration of how vastly different the micro markets can be from the macro market at work in the GTA and beyond. It is a sage reminder that what is happening on the grand scale can be over generalized by the media, and therefore taken as truth by the public, as happening everywhere.
In the scheme of things, Durham Region is certainly holding its own in value, especially when compared to other Ontario markets that are going through substantial market value losses right now. These monthly averages for Durham Region still represent very impressive numbers when viewed in the context of our annual historical averages over the past 3 years: in 2019, the average selling price in the Durham Region was only $611.342. Even in October of 2020, the average home was selling for just $740,436, so comparatively; we are still enjoying tremendous gains.
Year-to-date, the average sale price of all residential real estate sold in the Durham Region is $1,039,221 -- up 14% -- from the previous year-to-date numbers
The amount of new listing inventory coming onto the market in October was 1,183 units, down negligibly from the 1,194 new listings in the previous month but up 4% from the same period the year before, which saw 1,136 new listings enter the market.
Year-to-date we are only slightly behind in listings taken – just 37 units less than the 2021 numbers.
Year-to-date, we have seen 16,664 properties enter the market through the MLS system in Durham Region.
The average days on market for October 2022 was 16 days. The average days on market, year-to-date, sits at 11. In October 2021, the average days on market was just 9 days.
The average Sale Price to List Price Ratio (SP/LP) for all properties sold in October was 100%. Year-to-date, the average SP/LP is 112%. A year ago, in October 2021, the SP/LP sat at 115%.
The current Months of Inventory factor for October was 1.7. The Sales to New Listing Ratio (SNLR) for the month of October was 53.4%, just shy of perfect market balance. Typically, ratios between 40% and 60% reflect market balance, with anything below that range suggesting a market that benefits buyers and anything above it, a market that benefits sellers. This time last year, the SNLR was sitting at 92.2% with the Months of Inventory factor at a negligible .5.
The Durham Region saw a dollar volume in sales of $564,801,438 in October, with year-todate numbers down 22% from 2021. Oshawa once again led the way in October, with a volume of $150 million. Whitby placed an honourable second at $116 million, and Clarington posted $95 million, rounding out the top 3.
As always, we have included below a snapshot of performance of the overall market in Durham Region for the month. For a more specific look at your community, your neighbourhood and your housing style, just call us. We are always available to update you personally on current statistics and inventory, and how they are affecting your home’s value.
HERE’S THE AVERAGE PRICE BREAKDOWN FOR OCTOBER:
The average detached dwelling sold for $976,721 at 100% of list price in 14 days. 427 units sold.
The average semi-detached dwelling sold for $758,587 at 103% of list price in 13 days. 37 units sold.
The average link dwelling sold for $816,678 at 103% of list price in 22 days. 9 units sold.
The average freehold townhouse sold for $818,550 at 101% of list price in 20 days. 71 units sold.
The average condominium apartment sold for $553,443 at 97% of list price in 21 days. 35 units sold.
The average condominium townhouse sold for $654,446 at 100% of list price in 23 days. 52 units were sold.