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Durham Region Real Estate Market Update – November & December 2024
As the year comes to a close, the real estate market in Durham Region, Ontario reflects the seasonal slowdown we expect during the holidays. However, this quieter period also brings unique opportunities for buyers and sellers alike. Let’s unwrap the latest trends for November and December 2024 and take a look at what might be coming in the new year!
1. Seasonal Sales Slowdown
November and December traditionally see a drop in market activity, and this year was no different.
- Sales Volume: Total home sales in November fell by 8% compared to October, while December is forecasted to see an additional 12% decline.
- New Listings: Fewer homeowners listed their properties, with new listings dropping by 14% in November and an anticipated 18% decline in December. Sellers are holding out for the more competitive spring market, leaving inventory tight.
Despite the slowdown, committed buyers are finding opportunities, especially with less competition during the holiday months.
2. Stable Pricing Across the Board
Home prices in Durham Region have remained steady, holding firm amidst the seasonal changes.
- The average home price in December is expected to finish around $930,000, slightly below November’s $935,000 but still higher than December 2023 by 3%.
- Townhomes and condos continue to be popular options for affordability, with average prices at $745,000 and $565,000, respectively.
Areas like Pickering and Whitby remain hotspots for higher-end homes, while Oshawa and Clarington offer more accessible price points.
3. Interest Rates Bring Cautious Optimism
The Bank of Canada’s recent rate cuts have given buyers and sellers some hope, but affordability challenges persist. Many buyers are taking a wait-and-see approach, hoping for further economic stabilization in 2025. This cautious sentiment has resulted in longer average days on market, now sitting at 25 days compared to 18 days in the summer.
4. Rental Market Booms During the Holidays
With many buyers sitting out of the market, Durham’s rental market is thriving.
- Rental prices for 2-bedroom units rose to $2,400 per month in December, a significant 12% year-over-year increase.
- Demand remains highest in Oshawa and Ajax, particularly for townhomes and basement apartments.
5. A Look Back at 2024
This year brought significant changes to the Durham real estate market, including:
- Rising interest rates in the first half of the year, followed by cuts in the fall.
- A steady climb in home prices, despite lower sales volumes.
- Continued demand for affordable housing options and rentals, fueled by a competitive market.
6. Festive Opportunities for Buyers & Sellers
The holiday season is often overlooked as a prime time for real estate, but it can present unique opportunities:
- For Buyers: With less competition and motivated sellers, this is a great time to negotiate and find the perfect home before the new year.
- For Sellers: Serious buyers who are shopping during the holidays are likely ready to make an offer, making this an excellent time to list.
Warm Wishes from Come Home To Love
As we celebrate the holiday season, we’d like to thank all our readers and clients for an incredible year. Whether you’re buying, selling, or simply staying informed, we’re here to support you every step of the way.
Wishing you a joyful holiday season and a prosperous 2025! 🎄🏡
From all of us at Come Home To Love, may your home be filled with love, warmth, and happiness this Christmas and beyond.
Durham Region Real Estate Market Update – October 2024
As we move into the final quarter of 2024, the Durham real estate market continues to show resilience, though with signs of cooling off in some areas. Here are the latest trends and stats for the region:
1. Sales Volume Decrease
In September 2024, Durham Region experienced a 5% decline in the number of homes sold compared to August. Year-over-year, sales have dropped by 7%, indicating that buyer demand is starting to taper as the fall season progresses. The shift could be due to rising borrowing costs and buyer fatigue after a competitive summer market.
2. Price Stability
Despite the decline in sales, the average home price across Durham has remained relatively stable. The average sale price for a home in Durham Region in September 2024 was $937,500, slightly up from $925,000 in August. This stability can be attributed to low inventory levels, as sellers are holding firm on their asking prices.
- Whitby and Ajax continue to be among the more expensive areas, with average home prices hovering around $980,000 and $960,000, respectively.
- Oshawa remains more affordable, with an average sale price of $780,000.
3. Interest Rates & Buyer Sentiment
The recent Bank of Canada rate cuts have provided a slight relief for buyers, but affordability remains a challenge. Although rates have dropped, the higher cost of living and stricter mortgage lending rules are pushing some buyers out of the market or leading them to explore more affordable options, such as townhomes and condos.
4. Market Dynamics
The market is becoming more balanced, with the sales-to-new-listings ratio sitting at 55%, indicating neither a strong buyer's nor a seller's market. This gives buyers more negotiating power, and we're seeing slightly longer days on the market for properties. On average, homes in Durham are staying on the market for 22 days, compared to 18 days earlier this year.
5. Rental Market
With many potential buyers stepping back, the rental market in Durham is seeing strong demand. Average rent prices have surged by 8% over the last year, driven by low vacancy rates and increased demand for rental properties. For example, a 2-bedroom unit in Oshawa now averages $2,350 per month, compared to $2,100 in 2023.
Looking Ahead
The Durham real estate market is expected to remain steady but with cautious optimism. Inventory will play a crucial role in price stability, and as we approach the winter months, the market may see further cooling. For those looking to buy, now could be a good time to take advantage of the more balanced conditions, especially if you’re open to townhomes or condos.
September 2024 Market Update for Durham, Ontario
The real estate market in Durham continues to show strong activity as we move into the fall season. Despite a slight increase in inventory, demand remains high, keeping prices steady.
Market Overview: The average home price in Durham for September 2024 was $850,000, a 2% increase from August. The number of homes sold reached 400, down slightly from 450 in August, but up from 375 in September 2023.
Regional Breakdown: Oshawa saw a significant rise in average home prices, with a 3% increase month-over-month. Whitby and Ajax also experienced steady growth, with prices rising by 1-2% respectively.
Tips and Insights: For sellers, this is still a strong market, especially with limited inventory. Buyers should be prepared for competitive offers but may find more opportunities as new listings appear.
Conclusion: Durham's real estate market remains robust, with positive growth trends expected to continue into the fall. If you’re thinking of buying or selling, now is a great time to get personalized advice.
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