A Snapshot of Durham Housing Sales Over The Last 5 Years

Durham’s Monthly Sales Cycles Over the Last 5 Years

 

DOM and Avg Price Durham 5 Years March 2014

I have been writing and publishing housing statistics for years and my historical blog posts are the second most popular behind schools.   Having done dozens of posts for Toronto I thought it was time for me to provide Durham readers the same analysis.   Now over the years I have represented a number of sellers and buyers in Pickering, Ajax, Whitby, Oshawa and Courtice so am experienced with their local housing market.

You would be hard-pressed to find these housing statistics published but I believe it is a great tool for both buyers and sellers within Durham.   What’s key is that you get a visual perspective of the month-to-month housing market and what you can see is how truly cyclical the Durham housing market is.

What we have here are the first 3 months of 2014, as well as years 2013, 2012, 2011 and 2010.  It should be noted that we did experience a significant economic downturn from October 2008 to October 2009 which continued to impact on the 2010 Durham housing market with buyers having a lot of trepidation regarding committing to a house purchase.

Overall you are seeing a year-to-year increase in housing prices with a couple of exceptions being August 2010 and August 2011.  This scenario was not only a Durham phenomena, as it was the same story through out Toronto and the GTA.

Here are some of the factors at play in August 2011:

  • A move from 35 to 30 year mortgages
  • Reduced borrowing for home owners from 90% to 85%
  • Mixed signals regarding the health of the economy
  • Banks talking about possible economic downturn similar to 2008/2009

However, whatever talk was out there, it seems that housing prices continued their upward trend as you can see they followed their cyclical trend.

When Is the Best Time To Buy In Durham?

What you are looking for are months where average prices are static or falling.  In addition, another metric to cross-reference is track when the days on market are tracking longer. If I was to plug this in, you are looking at generally the summer months (July and August) and late fall and winter (November, December and January).

When Is The Best Time To Sell in Durham?

The spring is always the best time to sell your home.  The months of April and May followed by September and October are generally the best months where sellers will attract the best price and have the shortest days on market.   As a seller you would want to avoid the dog days of July and August if considering putting your home on the market.

There is always an exception…and 2014 will be one which defies typical market logic.  Over the last 3 months houses in the Toronto have been attracting multiple offers and selling over list price.  This trend is now starting to make its way into Durham.  Home owners who’s homes show well and are listed at market value are finding that buyers are willing to pay.   But like any market window, this hot seller’s market will eventually fizzle out.  Timing is everything.

If you are looking for greater housing statistics on a specific city or neighhourhood, give me a call and I will try and put a historical pricing analysis together.