April showed promising signs for home buyers and investors in Durham Region, Ontario, distinguishing itself from broader trends across the Greater Toronto Area (GTA). While sales across the GTA were down by 5%, Durham Region experienced a 5% increase in sales compared to April 2023, signaling a robust local market.

A significant factor contributing to this vibrancy is the dramatic increase in new listings. This year has seen a 24% surge in new listings year-to-date compared to the same period last year. This influx has given buyers a wider array of choices and, in some instances, led to more competitive pricing. Despite higher interest rates compared to the booming market of April 2022, the conditions now are more favorable for purchasers.

The average home price in Durham Region stood at $943,840, which is a notable decrease of 12% from $1,075,332 in April 2022. This decline highlights a significant improvement in affordability. Moreover, with only a 1% increase in price year-to-date over last year, prices have remained relatively stable, offering a steady landscape for potential buyers.

Inventory levels and market activity also point to a balanced market. With 1.6 months of inventory available and a Sales to New Listings Ratio of 51.5%, the market sits comfortably within the balanced range of 40% to 60%. While certain areas might feel tighter due to fewer listings, the overall statistic for Durham Region suggests a balanced environment.

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The average Days on Market for homes was 14 days, consistent with last month and the same period a year ago. This is a slower pace compared to April 2022, when homes were selling in just 8 days, around the time of the first interest rate hike. Despite these changes, homes are still selling close to their asking price, with a List to Sale Price ratio of 104%. However, it’s important to note this ratio can be skewed by agents under-listing homes on the MLS in order to generate multiple bids.

So, is now a good time to buy a home in Durham Region? Absolutely. With ample inventory and many potential buyers waiting out the high interest rates, the current market offers a unique opportunity. Purchasing during a stable market period with balanced activity and lower prices is strategically sound. Buyers can benefit from less competition and potentially better deals.

Do you have questions about the real estate market in your area? We’d love to hear from you! Reach out today to team@willowsgroup.ca or call 1.888.926.2066 or book an appointment on our calendar to take the next step.