November 27, 2019
How Long Does It Take to Sell a Detached House in Durham Region?
Durham Region has steadily gained popularity among prospective
As well, as the region is wedged between Lake Simcoe to the north and Lake Ontario to the south, many residents enjoy close beachfront access, nature trails, and active outdoor lifestyles in addition to major downtown shopping and dining amenities.
Buyers Drawn to Great Real Estate Value in Durham Region
A major draw to Durham, however, is unarguably its value; home prices there are some of the most affordable in the Greater Golden Horseshoe, especially compared to nearby major urban centres. For example, the average price for a Durham Region home was $613,606 in October according to the Toronto Real Estate Board, and just $625,000 for a detached house. In contrast, buyers could expect to pay an average of $925,498 for City of Toronto real estate, and a whopping $1,323,015 for a detached property.
Market Still Lags Behind 2016 Peak
However, as is the case for markets across Ontario, sales demand in Durham is still lagging where it was in
How Long to Sell a Home in Durham Region?
When it comes to days on market (DoM), one of the key differences Pacquing notes is that in 2016, buyers were more likely to see offer dates set in place than they are today, noting that there was more heated competition for buyers at the time. The advantage of longer DoM conditions in 2019 is that it allows buyers to conduct more in-depth due diligence and include conditions such as home inspections and financing in their offers. This relieves some pressure for buyers, particularly first-time buyers, who may otherwise feel compelled to sacrifice these conditions to make their offer stand out among competing offers.
With this in mind, what kind of timeline can Durham sellers expect when listing their properties for sale today? To find out, Zoocasa compared the average DoM in 2019 to 2016 in the eight municipalities across the region, including detached houses for sale in Oshawa, Uxbridge, Brock, Scugog, Clarington, Pickering, Whitby, and Ajax.
DoM data was sourced from the Toronto Real Estate Board, and is defined as the average number of listing days on the market for firm transactions entered onto the TREB MLS between the first and last day of the month.
It should also be
Whitby, Ajax Homes Sell the Fastest
The data reveals that, overall, detached houses listed for sale in Durham remained on the market for an average of 23 days last month, compared to just 11 in October 2016.
The township of Uxbridge has seen the longest extension in the average timeline for home sales, with houses remaining on the market for 53 days, compared to the previous 16. That’s followed up by the similarly rural markets of Brock and Scugog, where houses linger for 47 and 39 days, up from 22 and 21, respectively.
Those with houses for sale in Whitby and Ajax real
Check out the infographic below to see how DoM has changed between 2016 and 2019 across Durham municipalities.
Tips For Durham Region Home Buyers and Sellers
Here are Pacquing’s top three tips for buyers and sellers in Durham Region.
- Remember than DoM is one of several metrics to consider along with price changes, list sale percentages, location, proximity and more. It helps to work with a local realtor who is familiar with the area to compare these different metrics against each other and get a well-rounded perspective on market activity.
- Regardless of the type of
propertythey’re purchasing, first-time buyers in particularwill gain more context about specific listings by working with their agent to understand the property history for individual listings. For example, it could be helpful to know whether a property that is currently listed on the market was listed previously at a different price or earlier in the year and then compare this information to averages for the area.
- Move-up buyers who also plan to sell their current homes need to pay attention to market activity to help them understand whether they should buy a new property first or sell their current property before buying.
Pacquingnotes that there is a delicate balance at play in Durham Region today, and buyers may choose to either sell or buy first depending on what is motivating their move. She feels that if move-up buyers are organized with their finances and do the due diligence to ensure their property for sale is priced appropriately, it is possible to manage the process of buying and selling simultaneously.
Days on market data for Durham Region and Durham Region municipalities were sourced from the Toronto Real Estate Board (TREB).
Days on market is defined as the average number of listing days on the market for firm transactions entered into the TREB MLS system between the first and last day of the period being reported.
Zoocasa is a full-service brokerage that offers advanced online search tools to empower Canadians with the data and expertise they need to make more successful real estate decisions. View real estate listings at zoocasa.com or download our free iOS app.