Real Estate Market Update For December 2020

As we close out the 2020 real estate market stats, we’ll remember it as a year that prices soared with TREB (Toronto Real Estate Board) reporting an 8.4% increase in prices – some municipalities in our service area saw even steeper increases. Overall, Durham Region saw an 18.6% pricing increase from January 2020 to December 2020 with the average price (all home types) reaching  $778,037. The average for a detached home is even higher, reaching $868,916 to cap off the year.

Another key stat to keep an eye on is the average days on the market (DOM). With a shortage of homes hitting the market, fierce competition spurred bidding wars and intense buyer contention meant that homes were leaving the market as fast as they came. Some not even making it listing day before being snatched up. In December 2020, the average DOM was 13 days. This is down 15 days in a year-over-year comparison. Contrasting to where we started the year, January 2020 had a DOM of 31 days.

What’s the takeaway? Homes are moving at a record pace and selling for top dollar so if you are looking to sell, now is the time.

Toronto Cental

Durham Region

 

Pickering

 

Ajax

 

Whitby

 

Oshawa

 

Clarington

 

Current stats aside, here are some ongoing trends that we’re continuing to keeping our eye on:

1. Lack of inventory: Pricing increases throughout 2020 were driven by a competitive market that was fuelled by a lack of inventory. As we move through the initial months of 2021, we’re keeping a close eye on the number of homes hitting the market.
2. In-person showings: During the current province-wide lockdown, real estate is still considered an essential service so in-person showings can continue. It’s important to note that strict COVID protocols are in place and only those essential to the transaction are welcome in the home.

Homes are hitting record prices but they won’t sell themselves. Combined with our expertise and a competitive marketing strategy, our homeowners have seen offers as high as $130,000 over asking just last quarter alone. Are you ready to realize your home’s true potential? We can help. Give us a call today!