JANUARY 2022 MARKET WATCH
Durham Region saw 609 properties change hands in January, down slightly from 671 in December but not bad considering the onslaught of winter weather in the Region! The average Sold Price came in at $1,175,010, and increase of 34% over January of 2021!
The metrics supporting this are high buyer demand and limited inventory, a continuation of the 2021 market thus far. Many of today’s buyers are wanting to get in before any interest rate increases and their determination is keeping demand, and prices strong.
The number of Active Listings across the entire Region clocked in at 336 units. This compares to 451 last year at this time, 905 in 2020 and for a real comparison, 1,378 Active Listings in January, 2019. Compared to 2019, Active Listings have decreased by 75.6% while the Average Sold Price has increased by 103%, from $577,935 to $1,175,010.
The Average Days on Market now is 7 days, barely long enough to hold offers for Offer Day. The Average Sold Price/List Price is 127% and the Sales to New Listings Ratio remains firmly in Seller territory at 80.5%.
Uxbridge led the pack with an Average Price of $1,478,882 followed by Whitby at $1,278,474, Pickering at $1,273,764 and Scugog at $1,255,114.
The outlook thus far is for a continuation of high demand for housing, but certainly not another 34% year over year increase. The industry consensus is for prices to increase a modest 9% through the year. Interest rate increase may temper demand slightly, or not. 2022 is being defined as the year of uncertainty and who knows what wrenches will be thrown into the bucket of predictions for this year?
While it is a good year for sellers, the market will remain a challenge for buyers. That being said, this writer would love to see mandatory home inspections for all homes being bought and sold on the resale market. While that may not be popular with some, it would balance out the playing field just a bit for buyers, afford them some assurance of what they’re getting and ultimately protect both sides in the transaction.
Do you need information on buying or selling a property? Call us directly and in confidence at 905-442-8547 for a free, no obligation consultation!