February Market Watch 2022
Sales almost doubled from the previous month in our area, reaching 1,125 properties compared to just 609 in January. Average Price also edged up slightly to $1,228,990 from $1,175,010 in January however it was up a whopping 37.2% from February of 2021. That may be the peak as changes are on the horizon.
Durham’s market continued in firm Seller’s territory with the Sales to New Listings Ratio clocking in at 80.6%. Anything above 60% is considered Seller territory. Months of Inventory stood at 2 weeks, unchanged from the previous month. The Average Sale to List Price increased from 127% to 129% of asking, indicating strong competition for homes.
Active Listings almost doubled from January’s numbers to 605 units however that still remains extremely low by historical standards. That number stood at 1,503 active listings in February of 2019, a “normal” year. The nominal increase in listings did little to satisfy demand but that number should grow as we near the Spring market.
Change is in the air and I suspect the media will jump on the story within the next 5-10 days at most. This “change” can be summed up in two words, “world events.” The recent events in Ukraine and subsequent run-up in gas prices has created a lot of uncertainty in a very, short period of time and markets don’t like uncertainty. We have seen changes in Buyer behavior over the past two weeks. This isn’t a bad thing as the market has been out of balance for quite some time now. Suffice to say when one door closes, another opens and Buyers who have been regulated to the sidelines might start drifting back to the market.
Durham Region still has room for price growth but we feel that recent events may precipitate a shift sooner than Q3/Q4 as was initially predicted by the industry. If you’d like to know what’s going on in your neighbourhood, please reach out for some well researched information specific to your area. Call, email or dm to Williams & Follows!