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

February 8, 2024 | Market Update

January 2024 Market Update

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What's Happening with Durham Region Real Estate?

The Real Estate industry, along with the buying/selling public, anxiously anticipate interest rate relief sometime this year. I’ll be the first to admit frustration at the cost of financing a mortgage and how “locked out” the younger generation is, when it comes to the housing market. I’m a proponent of using amortization rates as a tool to help first time home buyers put a roof over their heads but there is, to my knowledge, no discussion at any level of government on this. Meanwhile…

 

The 2024 market is off to a decent start out of the gate. Sales were up 38% over January of 2023 in the Region, from 392 units to 539. While sales were up, new listings declined by 5% over the same time period. This will keep selling prices steady.

The Average Selling Price in Durham Region came in at $894,825, up slightly from $883,790 a year ago. If you think this is a minor accomplishment, think again. In January of last year, the Average Selling Price had dropped 24% from the previous year. We’ve seen the bottom and it’s in the rear view mirror, in this writer’s opinion.

 

Months of Inventory across the Region stood at 1.4 months. When you drill down to certain types of homes and certain neighbourhoods, that number can drop dramatically. Days on Market stood at 33 days, up from 6 days in the peak. I’ll take it. A month gives us marketers time to run ads, knock on doors, make calls and really dig for buyers the way we did in prior, balanced markets.

The Sale Price to List Price came in at 99%, very healthy. That means when Sellers finally figure out what that true market value of their home is, the market is giving it!

 

And drum roll finally; the Sales to New Listings Ratio clocked in at 65.1%, gently tipping into Seller territory. That figure is the one to watch as we head into the Spring market.

 

I’m confident this is going to be a good year in real estate in Durham Region. The market is complicated but that’s where our experience counts. If you’d like to know the value of your home, reach out to us for aFREE equity checkup!

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Related Posts

Durham Region Real Estate Update – January 2025

April 2024 Market Update

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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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Buying a home should be exciting, not stressful! B Buying a home should be exciting, not stressful! But the paperwork? That's where many feel lost. 📝

At Willows Realty Group, we've seen it all! Having a lawyer by your side can make the process smooth and straightforward. Here’s how:

1️⃣ Title Search: Lawyers make sure the property is legally yours and there are no hidden issues.

2️⃣ Contract Review: They double-check the details, making sure everything is fair and clear.

3️⃣ Closing Day: Your lawyer ties up loose ends, making sure funds are in place and keys are handed over with no hitches.

Our tech-savvy team blends local expertise with modern tools to give you the best experience. Let’s make buying that dream home a breeze, together! Ready to ease some stress on closing day? 

Share your thoughts or experiences with buying a home in the comments! 👇

#RealEstate
💭 Confused about choosing between a fixed-rate 💭 Confused about choosing between a fixed-rate or a variable-rate mortgage for your new home in Durham Region? You're not alone! Let's break it down together, step by step:

1️⃣ Consider how long you plan to stay in your home. If it's more than 5 years, a fixed-rate might offer peace of mind with stable monthly payments. 

2️⃣ Think about your comfort with risk! If you're okay with changes in payments, a variable-rate can offer lower initial costs. 

3️⃣ Use online calculators to compare costs over time! Numeracy for real estate can be your friend here 🧮

4️⃣ Always check in with our modern experts at Willows Realty Group! We're here to help with the magic of A.I. and a touch of local knowledge✨

Choosing the right mortgage can be a game-changer for your family and your next chapter. 

Got questions or tips to share? Let’s chat in the comments! 👇

#RealEstate
Your home is the talk of the town! 🏡 Multiple o Your home is the talk of the town! 🏡 Multiple offers rolling in? Let’s handle them like a pro! Here's a simple guide:

1️⃣ Compare the Offers: Not all offers are the same! Look at price, closing dates, and any special requests buyers may have.

2️⃣ Keep Cool Under Pressure: Take your time! Give yourself a moment to really think things through before deciding.

3️⃣ Chat with an Expert: A local real estate professional can break down the offers and help you pick the one that fits your goals best!

4️⃣ Communicate Effectively: Keep your lines open with the buyers’ agents. This way, you can negotiate any terms that need a little fine-tuning.

5️⃣ Trust Your Instincts: You know what's best for your family and future. Choose what feels right for you.

At Willows Realty Group, we're here to make the process smooth and easy. Want tips on navigating your next big real estate step? Ask away in the comments! 👇

#RealEstate
🎯 Pricing your home right is the key to a succe 🎯 Pricing your home right is the key to a successful sale—and we don’t leave that to chance.
From analyzing recent sales in your neighbourhood to using powerful tools like GeoWarehouse and AVM reports, we dig deep before setting a price. Then, we walk through your home to ensure every detail is considered—together.
Thinking of selling in Port Perry, Oshawa, or Whitby? This is how we get results.
📲 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!
#WillowsRealtyGroup #DurhamRegionRealEstate #PortPerryHomes #OshawaRealEstate #WhitbyHomes #HomePricingStrategy #SmartSelling #AIinRealEstate #ListWithConfidence #OntarioRealEstate #RealEstateTips #HomeSellersGuide #RealEstateCanada #ModernRealtor #RealtorsOfInstagram #JustListedCanada
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Looking to own a thriving automotive business with five revenue streams? This well-established detailing shop in Port Perry has been running successfully for 21 years! With low overhead costs, loyal clients, and a fantastic reputation, it's a turnkey opportunity for any entrepreneur. The best part? The sale includes all equipment, supplies, and active social media accounts, so you can hit the ground running. Expand services, increase hours, and watch your profits grow!

📍 Located in the heart of Port Perry, in a high-traffic area with endless potential.
💬 Ready to take charge of your future? DM us or comment below for details!
📲 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
#WillowsRealtyGroup #PortPerryBusiness #DurhamRegionRealEstate #PropertyForSale #EntrepreneurOpportunity #AIMarketing
📜 Real estate contracts got you scratching your 📜 Real estate contracts got you scratching your head? 🤔 No worries! Let's break it down together, step by step. 

When it comes to contracts, it’s all about making sense of the details. Here’s a simple guide to help you read and understand those tricky documents like a pro: 

1️⃣ Title Page: Start by looking at the title page. Look for names and addresses – make sure they match what you expect! 

2️⃣ Terms & Conditions: This is the meat of it all. Know what's being bought and the price. Pay attention to these!

3️⃣ Fine Print: Yes, those tiny words actually matter. Look for info on extra costs or fees.

4️⃣ Deadlines: Check the dates for when things need to get done, like inspections or final payment. Always good to have a calendar handy!

5️⃣ Get Help: Contracts are serious. If you're not sure, ask a real estate expert or lawyer. They’ve got the skills to help.

Remember, knowledge is power! Understanding your contract means feeling confident in your decisions. Need more tips or have questions? Drop them in the comments below! 👇😊 

#RealEstate
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