Previous Outlook Market Reports
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May 2006
June 2006
July 2006
August2006
September 2006
October 2006
November 2006
December 2006
January 2007
February 2007
March 2007
April 2007
May 2007
June 2007
July 2007
August 2007
September 2007
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May 2006
CONTINUED ACTIVE MARKET DESPITE WARNING OF SOFTENING
Sales of single family homes in Durham Region jumped 9.5% to 1020
in May, from 931 in April of this year which is the second best May
in the history of the Durham Region Real Estate Board (DRREB),
reported President, Lloyd Elliott.
Average prices inched upwards by 1% to $264,199 from $261,891 last
month. This reflects a 4% increase over $253,696 in May of 2005.
Inventory on the Multiple Listing Service® (MLS®) keeps growing with 3249 homes on the market in May, up 4.5% from 3108 in April and represents a big jump from 2634 listings this time last year.
President Elliott commented that, “the continued strength of the Durham Region housing market indicates the sustained interest of locating in the region. Durham Region is a bright spot in the GTA, maintaining a progressive industrial and commercial sector. Quite simply it's an exciting place to raise a family and a great place to retire.”
All of this activity represents dollar volume spending in Durham Region of $269,483,353, up 10.5% from $243,820,368 last month.
“ May resale properties in terms of both high sale prices and a higher number of listings serves notice that the spring market has significant depth and has retrenched to a ‘balanced market' status,” suggested Elliott. “A balanced market generally rewards both buyers and sellers. The ratio of resale properties to interested buyers is high, while sale prices continue to move upward.”
- Information provided by The Durham Real Estate Board & The Toronto Real Estate Board -
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June 2006
No report vailable
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July 2006
MARKET SLOWING FOR SUMMER
Durham Region Real Estate Board (DRREB) statistics for July point
to a slow down in the resale housing market with 800 single family
dwellings changing hands, 19% lower than 955 sales recorded in June
as well as showing a 6% reduction from 850 sales at the same time last year.
“Even with these lower numbers for July, the year-to-date figure is 3.4%
higher than at the same time last year” commented DRREB's President, Lloyd Elliott. “The average number of sales for July during the past 5 years has been 799, so we're not lower than the average” Elliott added.
The dollar volume sales and average selling prices were both down as a consequence of the lower number of sales in Durham Region, especially since there were no sales in one of the higher priced areas.
The average price of homes in July peaked at $259,470, down 2.4% from $265,839 in June but up 3.2% from $251,204 in July of 2005.
Total housing inventory in Durham Region dropped by 6% to 2906 from 3088 last month but is still higher by 23% from 2358 listings on the MLS® system last July.
“It is not unusual for the housing market to slow in the summer months when everyone is taking holidays. All of the year-to-date numbers are higher than last year and we still have a busy fall market to look forward to,” concluded President Elliott.
Durham Region's resale housing market slowed 6.8 per cent in June to 955 sales, from 1,020 homes sold in May, announced Durham Region Real Estate Board President Lloyd Elliott. "Even with this slower month, the year-to-date sales total of 5,141 is 4.9 per cent higher than the 4,900 recorded this time last year," Elliott stated.
Average prices inches up marginally by less than one per cent to $265,839 from $264,199 last month but still reflect a four per cent year-to-date increase over $250,121 by the end of June 2005.
The total number of listings on the MLS® system dropped by 5.2 per cent to 3,088 homes on the market in June compared with 3,249 in May, 2006 but is still 23 per cent higher than the 2,508 listings last June. "When you look at the year over year totals, inventories are 15.9 per cent higher than during the first six months of 2005," added Elliott.
The average number of days that homes are on the market in Durham Region is 39 with homeowners getting an average 98 per cent of the list price.
- Information provided by The Durham Real Estate Board & The Toronto Real Estate Board -
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August 2006
IT'S A BUYERS MARKET
DURHAM REGION - Sales of single family homes in Durham Region slowed a further 5% in August to 760 from 800 in July. Also referred is a 7% decrease from 812 sales in August of last year. "Sellers are realizing pricing is extremely critical in a Buyer's market and price adjustments are mandatory for a successful sale. Adjusted pricing tends to bring buyers back into the market," remarked Lloyd Elliott, President of the Durham Region Real Estate Board.
Although the total number of listings on the Multiple Listing System® (MLS®) in August is down 3.3% to 2813 from 2906 in July, this represents a 19% increase over homes for sale at the same time last year.
"A 19% increase in available resale housing translates into a significant shift in the dynamics of the Durham housing market since last August giving buyers more choice. An over supply of any product generally implies sale price flexibilty. With the fall housing market upon us, I suspect both the motivated seller and buyer will close moany interesting deals," President Elliott stated.
The average price in August of $259,462 didn't change from July and is still 3% higher than $251,956 in August 2005.
Elliott added, "Attractive interest rates, the recent General Motors announcement, the commitment of a new courthouse in Oshawa and continued growth of UOIT , as these elements combine to fuel Durham Region's economy we are confident our housing industry will remain strong. Competitive pricing should ensure a successful fall market."
- Information provided by The Durham Real Estate Board & The Toronto Real Estate Board -
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September 2006
3RD QUARTER STATS
DURHAM REGION -The 3rd quarter year-over-year resale housing stats show a 1.1% increase of 7369 sales, a 3.3% increase in the average price at $259,308, a 4.4% increase in dollar volume sales of $1,910,839,180 and an 11.5% increase to 15063 total number of listings on the Multiple Listing Service® (MLS®) system at the end of September.
When comparing September 2006 to September 2005, Durham Region Real Estate Board President, Lloyd Elliott reported that there were 720 sales of homes in the region this September, a 9.2% decrease from 788 in September 2005. “It's important to note that the average number of sales over the past 5 years for September is 710 which indicates a marginal up tick in 2006,” commented President Elliott.
Average prices leveled off to $256,378 down slightly from $257,949 recorded last September. “The increased number of listings will continue to affect sales figures stated President Elliott, “current sales figures, with a few exceptions, suggests the housing market is losing momentum and returning to a less frenzied pace. Which is good news for buyers.”
A higher than usual stock of homes for sale currently exists in Durham Region with 2932 listings on the MLS® system in September up 21% from 2420 last September. “Motivated buyers taking advantage of favorable mortgage interest rates and heavy supply of available housing, should find the right property for their needs, at a competitive price,” suggested President Elliott.
“Durham is a great place to live, work and play”, stated Elliott, “our neighborhoods exhibit family friendly designs – surrounded by villages and picturesque rural country side with an eclectic mix of housing styles, types and prices, with a home available for every taste. Where else would you want to live?”
- Information provided by The Durham Real Estate Board & The Toronto Real Estate Board -
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October 2006
Report not available
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November 2006
SLOWDOWN IN RESALE HOUSING FOR HOLIDAYS
Lloyd Elliott, President of the Durham Region Real Estate Board reported that 638 sales of single family dwellings occurred during the month of November. This is a 9% reduction from 697 sales in October, also 4% lower than 666 sales in November last year. “Yes, the resale housing market has slowed,” stated Elliott, “however, the months of November and December can offer the discriminating and motivated seller and purchaser a golden opportunity to negotiate some good deals. While the sales figures exhibit a down trend compared to October and November of 2005, an enticing market mix remains in Durham: good quality listings, a range of prices for most budgets, a variety of styles and designs, plus competitive mortgage interest rates, suggesting the early winter months are ideal for the savvy real estate ‘investor'.”
Average selling prices are lower as well at $250,185, down 2.5% from $256,753 last month and also down 4% from $260,162 in November 2005. “With current selling prices edging lower, I suspect we haven't yet reached a price support to sustain a leveling effect,” suggested Elliott. “However, with palpable mortgage rates and the early 2007 spring market only six weeks away, selling prices should begin to ‘flat-line', which should develop a sturdy price support followed by a short uptrend,” mused Elliott.
The influx of listings coupled with a record number of new home sales, strains the entire residential sale market. The total number of listings on the Multiple Listing Service® (MLS®) is down 5% to 2564 from 2700 in October but when compared with listings at this time last year, there is a 150% jump in inventory as there were only 1030 homes on the market at that time.
“High numbers of unsold properties create an unbalance in the housing resale market,” stated Elliott. “Ideally, a ratio above 32% of sales to listings sustains a balanced market. A balanced housing market, in a rising market, favours both the seller and the buyer.” Elliott concluded.
Homes in Durham Region are on the market for an average of 46 days and sell on average for 97% of the listed price.
At this festive time of the year, the members of the Durham Region Real Estate Board would like to wish everyone HAPPY HOLIDAYS!
- Information provided by The Durham Real Estate Board & The Toronto Real Estate Board -
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December 2006
2006 MLS® HOME SALES SETS RECORDS
The resale housing industry in Durham Region finished the year with the second highest record of sales while posting all-time highs for average prices, dollar volume and number of listings reported the Durham Region Real Estate Board. “2006 was another sound year with a slight increase in sales volume and a marginal sales price uptrend,” stated President Lloyd Elliott.
Although the month of December's statistics were all down from November's numbers, the number of sales for the year of single family dwellings was up 1.3% to 9157 over 9043 in 2005.
The average price of a home in Durham Region in 2006 crept up 2.3% to $257,850 from $252,115 last year and posted an all-time high for average prices in the area.
The dollar volume followed suit with highest ever volumes for the year of $2,361,128,561 reflecting an increase of 3.6% over $2,279,876,755 in 2005.
The number of listings on the Multiple Listing Service® (MLS®) in 2006 set a record at 18,099, a 9.5% jump from 16,523 last year.
Homes sold in an average of 43 days during the year and for 98% of the listed price.
“With a balanced market leading into 2007 Durham's housing market should continue to maintain it's present course,” suggested Elliott, “however, the litmus test will be the continuation of acceptable mortgage rates, (1/2 point lower by mid season) and strong migration from other provincial regions.”
“On behalf of the members of the Durham Region Real Estate Board, our Executive Officer, Cail Maclean, Board staff and Directors, sincere best wishes for a happy, healthy and prosperous 2007.”
- Information provided by The Durham Real Estate Board & The Toronto Real Estate Board -
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January 2007
RECORD SETTING
"The resale housing market in Durham Region started the year by setting records for January, 2007,” reported Lloyd Elliott, President of the Durham Region Real Estate Board.
January's sales of existing homes were up 16% to 581 from 499 in December, 2006 but also showed a 9% jump from 534 sales in January, 2006.
The average selling price of a single dwelling was $265,508, up 7% from December's average of $248,444 and also reflects a 6% increase from $250,628 in January of last year. "Temperate weather conditions, coupled with continued moderate mortgage rates and an increasingly balanced housing market, (ratio of buyers to sellers) combined to form an incentive for both record sales numbers and an up tick in average selling prices," stated President Elliott.
Inventory is still high at 2118 total active listings on the Multiple Listing Service® (MLS®) a jump from 1761 in December last year and only down a slight 2.7% at 2175 in January, 2006. "While property listings in the Durham region remain high, I believe the current listing strength will begin to diminish as the 'spring market' gains momentum over the next few weeks providing an opportunity for both buyer and seller to negotiate good deals. And the reason I am so optimistic," suggested Elliott, "is the current state of the basic fundamentals for home buying and selling: mortgage rates remain low, (think 1/2 point lower by mid-year), mortgage lender competition (fierce) and new mortgage product models, ie 30-40 amort; GST cut by 1%. (more to follow); sale price competition."
"Durham region's housing prices, especially Oshawa, continue to be attractive to both migrants and immigrants. And with this continual influx of families seeking affordable shelter, not only does this demand for housing keep the market solvent, but the 'spin-off' benefits from a sustained growth pattern in the housing sector strengthens the local economy ten fold - through the manufacture, sale, delivery and servicing of capital items purchased by the homeowner." stated Elliott.
The active market generated a large dollar volume as well with January, 2007 recording $154,259,890 in resale homes, a 24% hike from $123,973,567 in December and also showing a 15% increase over $133,835,554 in January, 2006.
- Information provided by The Durham Real Estate Board & The Toronto Real Estate Board -
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February 2007
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BUSY SPRING MARKET EXPECTED |
The Durham Region Real Estate Board (DRREB) reported 791 sales of single family homes in Durham Region during the month of February which is an increase of 36% from 581 sales in January but also reflects a decrease of 4% from 821 sales in February of last year. “Even though sales dipped below February 2006 totals, February 2007 recorded the third highest sales in the history of the Board” commented President of DRREB, Lloyd Elliott.
Average prices slipped 1% to $263,039 from $265,508 last month but are still 2.2% higher than the February 2006 average of $257,030. These figures indicate the Durham housing market remains resilient and continues to exhibit strength as we head into our spring market,” suggested Elliott. “Local economic indicators which impact our industry, (jobs, housing affordability, stable mortgage rates) indicate a gradual increase in buyer activity throughout our region during the first half of the year – moderated by a leveling of demand, particularly from first time buyers, during the second half of the year, as housing prices continue to trend upward, strangling affordability for some buyers in the short term.”
The total number of listings on the Multiple Listing Service® (MLS®) system jumped 8% to 2291 from 2118 last month but showed a slowing trend of 7.5% from 2462 homes on the market in February, 2006. “Historically,” stated President Elliott, “listing activity peaks during the spring market increasing buyer selection opportunity. Depending on demand, sellers temper their ‘sold price' expectations to the market position, and currently our local market position is balanced.”
The dollar volume of sales for February, 2007 increased 35% to $208,063,527 from $154,259,890 in January of this year but reflects a small 1% decrease from $211,021,965 last February. “The dollar volume increase from February sales over January reflects a considerable uptick (36%) in the number of sold properties for the same period,” suggested Elliott. “But an equally important figure is the recorded 1% decrease from February year-over-year volume of sales.”
- Information provided by The Durham Real Estate Board & The Toronto Real Estate Board -
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March 2007
3rd BEST MARCH ON RECORD
¾Sales of single family dwellings in Durham Region rose 22.5% to 969 from February sales of 791 and slipped slightly by 1.5% from 983 in March of last year. Durham Region Real Estate Board President, Lloyd Elliott remarked that “ historically, our spring market begins late February to early March and is ‘weather sensitive', therefore, there are no surprises found in these stats.”
The average selling price of a home in the Region inched up 1% to $265,022 from $263,039 last month but records a 2.7% increase from $258,048 in March of 2006. “Durham's housing market, as predicated in January, remains ‘balanced' compared to the 2005 and 2006 spring markets which continued entrenched in a hot sellers market, featuring a continual, though slight, increase in sales, tempered by a marginal price increase.”
Resale home inventory has jumped 15.5% to 2648 from 2291 in February but still reflects a reduction of 7% from 2832 homes on the Multiple Listing System® (MLS®) in March of last year.
Properties sold through the MLS® system in March resulted in a dollar volume of $256,806,078 up 23.4% from $208,063,527 last month and also up 1.2% from $253,660,876 in March of 2006. This is only 3.5% lower than the best ever dollar volume of sales of $265,846,214 recorded in 2004. “These figures indicate both buyers' and sellers' enthusiasm to make a deal remains strong. Durham Region continues to be high on the list of regions to locate for both immigrants and migrants. A hearty welcome to all, you make our region strong and we wish you good fortune.”
- Information provided by The Durham Real Estate Board & The Toronto Real Estate Board -
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April 2007
HOT SALE HOUSING MARKET
Lloyd Elliott, President of the Durham Region Association of
REALTORS®, (formerly the Durham Region Real Estate Board) reported that April
2007 was the second best April on record with 1083 single family homes sold in Durham
Region. This is an increase of 12% from 969 sold in March and also represents a 16.3%
jump over April of 2006 stats. "If mortage rates remain stable, our Durham market will
sustain this current trend." reported President Elliott.
Home values in Durham Region averaged $273,507, up 3.3% from $265,022 last month
and also showed a 4.5% increase over April 2006 average of $261,891. "Durham region
continues to grow at a sustainable rate, with consumers attracted by affordability,
continued economic growth, a plethora of designs, prices, and award-winning locations,"
stated Elliott. "As well, continued migration and immigration into our Region is another
key factor driving housing sales and indeed Durhams overall economic strength."
The number of listings on the Multiple Listing Service® (MLS®) in April was 2689, 2%
more than the March total of 2648 but reflects a sharp reduction of 15.5% from 3108
homes for sale in April 2006. " Even with a drop in listings, our Durham housing market
remains balanced in terms of buyer/seller ratios. With slight increases in both sold prices
(less 2% inflation ) in March verus April 07, year over year April figures indicate the
housing market remains healthy. Good value abounds for the prudent buyer and seller,"
suggested President Elliott.
The dollar volume of sales in April was recorded at $269,208,440, 4.8% higher than
$256,806,078 last month and a further 10.5% jump from $243,820,368 last April.
- Information provided by The Durham Real Estate Board & The Toronto Real Estate Board -
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May 2007
Unavailable
- Information provided by The Durham Real Estate Board & The Toronto Real Estate Board -
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June 2007
Unavailable
- Information provided by The Durham Real Estate Board & The Toronto Real Estate Board -
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July 2007
HOT RESALE HOUSING MARKET CONTINUES!
The resale housing market is still breaking records with 1110 sales of single family homes in Durham Region in June reported Lloyd Elliott, President of the Durham Region Association of REALTORS® (formerly the Durham Region Real Estate Board). Even though this is an 8% decrease from 1194 sales in May, these numbers represent the best June performance ever in the history of the Association and also reflect a 16% increase over 955 sales in June of last year. “Regardless of the June numbers,” suggested President Elliott, “significant as these ratios may be in terms of housing market trends and establishing market value, the Durham resale market continues to attract new families (both immigrant and migrant) to the area. Buyers, whether purchasing a new home, or a resale are attracted by affordability, unlimited design features, award winning neighbourhoods, schools, assembly plants as well as economic viability and sustained growth.”
With the average selling price decreasing slightly to $271,394 from $275,695 last month, this is still 2% higher than last June's average of $265,839. “ Even slight increases in year over year housing prices (comparable to cost of living) is a positive indicator suggesting the market, while exhibiting signs of cooling, remains resilient and indeed continues to move in a favourable direction,” stated President Elliott.
The total number of active listings on the MLS® system is down this month by 8% to 2583 from 2792 in May and shows a further 19% decrease from 3088 homes for sales in June of 2006. “ To date, 2007 has been an interesting year,” mused President Elliott, “ what began as the continuation of a strong buyers market of 2006 has morphed into a balanced market, and now appears to be on the threshold of a new sellers market.”
In the short term, (one year) what can buyers and sellers expect in the housing market? “The short answer is, (replay from most financial journals), mortgage interest rates will rise, perhaps twice by 2008. New home starts will trend slightly downward. And, a new fund-raising wrinkle, open to municipalities may infect the already onerous land transfer tax,” suggested Elliott.
The 1110 homes sold in June represent a $301,247,545 dollar volume, an 18.6% increase over $253,875,895 in June 2006.
- Information provided by The Durham Real Estate Board & The Toronto Real Estate Board -
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August 2007
HOUSING MARKET STILL BREAKING RECORDS
DURHAM REGION-Even though August resale-housing statistics were down overall in comparison to the June and July, we are still reflecting record breaking numbers over August of 2006.
There were 884 single dwelling homes sold in Durham Region in August, down 8% from 958 in July but shows a 16% increase over 760 sales in August of last year, a record for August as long as statistics have been recorded by the Association.
The average selling price in Durham Region came in at $265,493 up 2.3% from $259,462 in August of 2006.
Housing inventory continues to slowly decline with 2307 active listings on the Multiple Listing Service® (MLS®) down 6% from 2444 in July and reflects a 22% reduction from 2813 last August.
The total dollar volume of homes sold in the Region in August was $234,695,431 down 9% from $256,262,125 last month but up 19% from $197,191,459 at the same time last year.
- Information provided by The Durham Real Estate Board & The Toronto Real Estate Board -
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September 2007
Not available yet
- Information provided by The Durham Real Estate Board & The Toronto Real Estate Board -
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