Overbidding for homes in Durham region continued to drop in June, compared to the previous month, as more Durham neighbourhoods saw homes selling for below list price.
In June, only 9 per cent of the neighbourhoods in Durham region were in overbidding territory, down from 26 per cent in May. Meanwhile, 84 per cent of neighbourhoods moved into underbidding territory, up from 74 per cent in the previous month, and 7 per cent of neighbourhoods had homes selling at asking, compared to none the previous month.
Overall, the Greater Toronto Area (GTA) saw underbidding reach its second-highest level since Wahi began tracking homebuyer competition in the GTA in July 2022. Last month, 93 per cent of GTA neighbourhoods saw homes go for below asking.
The Top-5 Overbidding Neighbourhoods in June
Four of the 44 neighbourhoods in the region had homes selling for over asking in June. Three of the four most overbid neighbourhoods were in Ajax, and the most overbid neighbourhood was Kedron, Oshawa, with a median sold price of $970,000 and a median overbid amount of $40,100. These neighbourhoods are newly developed, family-focused communities that attract homebuyers looking for larger single-family detached homes.
When a neighbourhood is in overbidding territory, it doesn’t necessarily mean that every home is selling above list price. Instead, it’s a general reflection of overall market behaviour, which can be influenced by seasonal factors, for example, or decisions by sellers, such as to list homes below market value to attract more bids.
The Top-5 Underbidding Neighbourhoods in June
Two of the top-5 most underbid neighbourhoods were in Pickering, two were in Ajax, and one in Oshawa. Highbush, Pickering was the most underbid, with a median sold price of $1,195,000 and a median underbid amount of -$41,500.
Generally speaking, the top underbidding neighbourhoods in the Durham region tend to be more expensive, while the top overbidding neighbourhoods have comparatively lower list prices.
Note: Benjy Katchen is the CEO of Wahi, a digital real estate company that redefines the homebuying experience by putting more power into consumers’ hands. By combining cutting-edge tech and market data with expert realtors, Wahi offers unmatched access to insights, tools and the team that makes buying a home faster and easier.