Buyer competition for Durham homes remained subdued in July. Only 2 per cent of communities had homes sell above asking, down from 5 per cent in June, while another 5 per cent saw homes sell at the listed price, unchanged from the previous month. Meanwhile, the share of neighbourhoods with homes selling below list price edged up to 93 per cent, from 91 per cent in June.
The increase in Durham neighbourhoods in underbidding territory reflects a broader trend across the Greater Toronto Area, where just 3 per cent of neighbourhoods saw bidding competition in July. Across the GTA, 93 per cent of communities saw homes being underbid, while 2 per cent saw homes selling at asking.
Only 1 Durham Neighbourhood was Overbid in July
Excluding neighbourhoods with fewer than five sales, only one neighbourhood ー Uptown Ajax saw overbidding in July, with a median sold price of $691,500 and a $400 median overbid amount.
Two of the five most underbid neighbourhoods in Durham Region were in Ajax, while the rest were scattered across the region. Among the top five, the median underbid ranges from $25,588 to $41,950 below asking.
Generally speaking, the top underbidding neighbourhoods in Durham Region tend to be more expensive neighbourhoods.
Methodology: At the end of each month, Wahi compares the differences between the median list and sold prices to determine whether neighbourhoods are in overbidding or underbidding territory, excluding those neighbourhoods with fewer than five transactions in a given month. In June, there were 43 Durham neighbourhoods where there were at least five home sales. The top overbidding and underbidding neighbourhoods are ranked by the median overbid or underbid amount. The median overbid and underbid amounts are calculated by subtracting the list price from the sold price of each individual listing in a given neighbourhood. These are then ranked by the median of all subtractions and presented as the median overbid or underbid amount.
Note: Benjy Katchen is the CEO of Wahi, a digital real estate company that redefines the homebuying experience by combining tech and market data with expert realtors.
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