Buyer competition for Durham homes remained muted in August. Only 3 per cent of neighbourhoods had homes selling above asking, roughly the same as the previous month, while no communities had homes that sold at the listed price, down 5 per cent from July.
Meanwhile, the share of neighbourhoods with homes selling below asking rose slightly to 97 per cent.
The increase in Durham neighbourhoods in underbidding territory reflects a broader trend across the Greater Toronto Area, where just 2 per cent of neighbourhoods saw bidding competition in August. Across the GTA, 97 per cent of communities saw homes being underbid, while 1 per cent saw homes selling at list price.
Only 1 Durham Neighbourhood was Overbid in August
Excluding neighbourhoods with fewer than five sales, only one neighbourhood ー Lakeside, Ajax ー saw overbidding in August, with a median sold price of $981,000 and a $1,100 median overbid amount.
The five most underbid communities in Durham Region were scattered across the region. Among the top five, the median underbid ranges from -$35,000 to -$51,449.
Generally, the Durham Region neighbourhoods with the highest rates of underbidding tend to be among the more expensive, although median prices last month ranged widely, from about $770,000 to $1.5 million.
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 August, there were 36 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: The author is the CEO of Wahi, a digital real estate company that combines cutting-edge tech and market data with expert realtors.