Sales in Durham Region increased in March, from 745 units in February to 859 units, an increase of 15.3%. That pace is just about even with 2023 but does indicate we’re gaining steam as we roll towards the Spring Market.

The number of New Listings in the Region came in at 1,472, up 13.3% from 1,299 new listings in February. If you compact this down to a 60 day market snapshot, the increase in new listings didn’t keep up with the increase in sales. In spite of high interest rates, this trend can, and likely will lead to price pressures.

The Average Sale Price came in at $936,166, an increase of 1.9% from the previous month and up approximately 1.1% from the Average Price of $926,142 recorded in March of 2023. What’s this mean for pricing your home? If you’re pricing higher this year than what your home would’ve been worth a year ago, you’re overpricing. We’ve seen numerous properties that have sold $100K – $200K below the asking price. What are you up against as a Seller? You’re up against Buyers that have a lot of information courtesy of their Realtors and Appraisers who are appraising conservatively and last but not least, money that is still expensive compared to the last 5 years.

In Durham Region we were sitting on 5 weeks of inventory in March. The Average Days on Market stood at 14 days. The Sale Price to List Price ratio came in at 104%. At first glance this is a really, great number but when we drill down we can see that most of this ratio is driven by the lower end of the market, meaning $900K and lower, where there is more competition and multiple offers. Keep in mind that many agents will still underprice the home to get more activity and create a bidding war. This means if you’re a Buyer, you can’t expect the list price to be the price tha Sellers are willing to accept. If you aren’t working with a Realtor, meaning you’re what they now call a “Self Represented Party,” you aren’t going to have the context needed to effectively navigate these markets.

Lastly, the Sales to New Listings Ratio came in at 58.4%, firmly in Seller Market territory but again, you need the context behind this number. In Scugog, where our offices are, that ratio was 42.2%, almost a Buyer’s Market. This ratio varies by price range and location. All these average numbers we quote each month may not apply to your own situation and it’s the Realtor who will drill down further to provide the context for the area and price range you’re working in. At least we’re supposed to do this. Many don’t.

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