Home prices in the GTA are showing signs of cooling, making room for buyers who have been patiently waiting to enter the market. But what about sellers? Many might be concerned about long listing periods and their home sitting on the market.
The average property days on market (Avg. PDOM) is the measure of the average number of days a property was on the market before selling. This is regardless of whether the home was listed more than once by the same seller and brokerage during the listing contract period. This figure has seen a lot of change throughout the pandemic; in April 2020, the Avg. PDOM was 24 days. In 2021, it dropped to 14 days, a year-over-year change of -41.7%. In April of 2022, it remains at 14 days, but that figure is creeping up in many cities that homes were previously selling much faster in. Although the Avg. PDOM may continue to rise in Toronto and the GTA, the April report from the Toronto Regional Real Estate Board (TRREB) showed that there are still some cities where listings are selling faster than the average.
Now is the Time to Sell in Durham Region
Real estate in Durham Region has been booming throughout the past three years, and although interest rates are rising, Durham region homes are still in high demand. Leading the pack with the shortest Avg. PDOM is Scugog, Uxbridge and Pickering, with an Avg. PDOM of eight, nine, and 10 days respectively. This is great news for those in the region that are apprehensive of selling. Since the Avg. PDOM is expected to fluctuate, now is the time to contact a real estate agent for a free, in-home evaluation.