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Royal LePage Frank Real Estate - Independently owned & operated, Brokerage

March 8, 2024 | Market Update

February 2024 Market Update

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Momentum Builds Towards a Better Spring Market

Real estate sales increased in February, gearing up towards a solid, Spring market. Sales volume jumped 38% to 745 units from 539 units in January. On a year over year basis, sales were up 25% from 2023!

New Listings also jumped by 47% from the previous month; from 828 to 1,217 units across the Region. On a year-to-date basis, the jump was 15% compared to the same period last year. The increase in inventory presented more choice for Buyers but, with the sizeable increase in sales, the most desirable properties were getting multiple offers, mainly in the price ranges below $900,000.

 

Interest rate increases have stalled, creating optimism in the market. Buyers who sat on the sidelines for over a year want to find a home, especially with astronomically high rents showing no signs of slowing. Many Buyers have saved more money for a down payment over the past year, somewhat off setting the higher rates.

 

The Market in Durham Region sat at 1.1 Months of Inventory, down slightly from 1.4 Months in January. Average Sale Price was up slightly, from $894,825 in January to $919,017 in February and up 2% from $886,908 recorded in February 2023. Year-To-Date Total Dollar Volume really took a leap of 33% over last year, across the Region with Oshawa (42%) and Whitby (41%) leading the pack!

 

Average Days On Market also declined from 33 Days in January to 20 Days in February, showing pick-up in the pace of the market. The Average Sale Price/List Price percentage increased from 99% to 102% month over month and, the Sales To New Listing Ratio came in at 61.2%, slightly favouring Sellers and making things a bit more challenging for Buyers.

 

Momentum will continue to build. We’re busy doing Market Appraisals and Seller/Buyer consultations, so we see the action before it translates to the streets. One thing we lose sleep on is “affordability.” It’s an on-going issue at every level of government. We’d love to see an increase in Amortization Rates, allowing first-time buyers more options for affordable mortgage payments, yet no one in government is speaking to this issue.

 

If your mortgage is coming up, please get mortgage advice. Banks are offering early renewals which, in a market of future declining rates may not be the best choice for you. We can put you in touch with some excellent lenders who have your best interests at heart.

 

Reach out anytime to: team@willowsgroup.ca

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Related Posts

Durham Region Real Estate Update: February 2025 

January 2024 Market Update

Durham Region Real Estate Market Update – April 2025

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Keith Williams

Broker

Lisa C. Follows

Broker

We want to hear from you!

1.866.447.4434

team@willowsgroup.ca

Royal LePage Frank Real Estate - Independently owned & operated, Brokerage

268 Queen St.
Port Perry, ON L9L 1B9

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📍 Commercial Opportunity with Major Potential 📍 Commercial Opportunity with Major Potential

Looking for a serious space to grow your business? This nearly 1-acre commercial lot just 20 minutes east of Port Perry offers easy access to Lindsay via Hwy 35 and Peterborough via Hwy 115—with Toronto under an hour away. The existing 1,000 sq ft structure features two large bays, an office, washroom, and storage—plus a mechanics bay beneath one of the bays. With 15 parking spaces, baseboard heating, a drilled well, C1-General Zoning, and Phase 1 & 2 Environmental reports already done, this property is primed for action.

Thinking auto shop, contractor’s base, garden center, or a future live/work setup? With residential uses permitted (subject to approvals), the possibilities are wide open.

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📲 Contact Us
Keith Williams, Broker: (905) 903-9250
Lisa C. Follows, Broker: (905) 442-5847
Email: keith@willowsgroup.ca or lisa@willowsgroup.ca
Office: (888) 926-2066
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🎊 SOLD! Another Success Story! 🎊 Congratula 🎊 SOLD! Another Success Story! 🎊

Congratulations to our incredible clients on the successful sale of 11 Mansfield Park Court! 🏡

🔑 With AI-powered marketing, personalized strategies, and local expertise, we helped make this sale a reality.

Thinking about buying or selling? Let us help you achieve YOUR real estate goals!

📲 Contact us to discuss your next move.
Keith Williams, Broker: (905) 903-9250
Lisa C. Follows, Broker: (905) 442-5847
📧 keith@willowsrealtygroup.ca | lisa@willowsrealtygroup.ca
📞 Office: (888) 926-2066
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🎯 Planning to build in Port Perry, Oshawa, or W 🎯 Planning to build in Port Perry, Oshawa, or Whitby?
Finding the right home builder makes all the difference—and it starts with someone who really listens.

In this Short, we’re breaking down exactly what to look for:
✔ Proven track record
✔ Transparent communication
✔ Proper licensing
✔ Flexible design options
✔ Quality materials
✔ Strong local connections

🏡 Save this post if you're thinking about building soon!

📲 Contact Us
Keith Williams, Broker: (905) 903-9250
Lisa C. Follows, Broker: (905) 442-5847
Email: keith@willowsgroup.ca or lisa@willowsgroup.ca
Office: (888) 926-2066
💼 Willows Realty Group – Your Trusted Partner in Real Estate with the Power of AI!

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Picture this: You're ready to find your new home i Picture this: You're ready to find your new home in the Durham Region, but where do you start? 🏡✨ 

At Willows Realty Group, we've got your back with over 40 years of experience! Here's how to find a home that fits your lifestyle: 

1️⃣ List Your Priorities: Schools? Sports facilities? Or maybe a vibrant neighborhood feel? Decide what's crucial to YOU and your family.

2️⃣ Use Online Tools: Check out interactive maps to explore the areas. Find out about commute times, nearby amenities, and more!

3️⃣ Get Local Insight: Our team's deep-rooted knowledge of the region ensures you learn all the insider info!

4️⃣ Visit in Person: A walkthrough tours can reveal more than photos ever could. It’s all about feeling at home!

Finding "the one" isn't just about bricks and mortar; it's about matching your space to your life. ✨😊 

What's most important to you when choosing a home? Let us know in the comments! 👇

#RealEstate
Let's talk about taxes and why they matter when bu Let's talk about taxes and why they matter when buying a home in Durham Region! 📚💰 

Knowing your taxes can save you big time, and here's how you can do it step by step:

1️⃣ Land Transfer Tax: This is a one-time fee when you buy a house. Calculate it using online tools to avoid surprises.

2️⃣ Property Taxes: After buying, this is a yearly cost. Check the Durham Region’s website for rates in different areas.

3️⃣ Tax Credits: Are you a first-time homebuyer? Look into tax credits that could save you money!

I've been in the real estate game for over 40 years, and I can tell you - understanding taxes is crucial. Not just know them, but really understand how to use them to your advantage. 

I'm here to make the buying process smooth and stress-free for you! Have questions about taxes? Drop them below and let's chat! 👇

#RealEstate
📍 Business Opportunity in the Heart of Port Per 📍 Business Opportunity in the Heart of Port Perry!

Ready to own your future? This long-standing automotive detailing business at 8-171 North Port Road has been a local go-to for 21+ years—and it’s now looking for its next owner. With 5 revenue streams (including Detailing, Tinting, Ceramic Coating & more), a loyal client base, and low overhead, it’s a turnkey setup for anyone ready to scale.

🔥 Operates solo Monday to Friday—imagine the potential with expanded hours, a team, and smart marketing. Comes fully stocked with equipment and training included. Plus, its active social media presence gives you a head start on Day One.

💬 Want to talk about how this opportunity could work for you? Let’s connect.

📲 Contact Us
Keith Williams, Broker: (905) 903-9250
Lisa C. Follows, Broker: (905) 442-5847
📧 team@willowsgroup.ca
🏢 Willows Realty Group – Your Trusted Partner in Real Estate with the Power of AI!

#PortPerryBusiness #DurhamRegionRealEstate #WillowsRealtyGroup #CommercialListing #TurnkeyBusiness #EntrepreneurshipOpportunity #AutoDetailingLife #PortPerryBusiness #AICertifiedAgent #YourNextMove #ScugogRealEstate #LocalBusinessSale #BizForSale #SmallBizOwnership #KeithAndLisaRealEstate #AIListingAdvantage
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