The 2016 Durham Real Estate Market is on FIRE!
Starter detached homes in Durham have been flying off the market. Some not even getting to market before they are gone. You might have seen the "coming soon" signs and then "sold" the next day. There's no magic happening here. Bully offers are a common occurrence in today's market.
Not only are properties flying off the cuff in Pickering/Ajax and Whitby. The difference in % of for sale price and sold price is almost always 100% and up.
Here are 3 graphs to describe what is happening in Pickering, Ajax and Whitby in 2014, 2015 and 2016. We've taken both the Average (blue) and Highest (orange). Note these are stats based on detached homes with 3 bedrooms in Pickering, Ajax and Whitby. Also, 2016 stats are not complete (January - April).
Whitby in 2014 average sale price to sold price was 100%. Where in this year the Average sale price is above asking at 105%. The high of 2016 thus far has been sold 128% above asking.
Ajax's 2014 average sale price to sold price is 100% where 2016 is 104% above asking. From 2014 to 2015 the highest above askign % went up 5% from 126% to 131%.
Same goes for Pickering. The common trend here is properties are going above asking price.The average sold price is typically more than 100% over asking.
So how do you win a bidding war? How do you get one step ahead of the competition? Read our "how to win a bidding war" blog post on tips and tricks.