DURHAM REGION –The Durham Region Association of REALTORS® (DRAR) reported 902 sales for the month of August, down 65 sales or 7% from July. This brings the year-to-date sales for Durham Region up to 7,868. “In all of last year there were a total of approximately 9800 sales for the region. I expect that we’ll start to see the market pick up as we head into fall and it will be interesting to see if we surpass last year’s sales figures,” commented DRAR President, Christine Marquis.
The region saw a slight increase in the average selling price of a re-sale home which was $339,673 for August, up half a percent from July. This raised the year-to-date average price of a home in Durham to $336,055. “Durham continues to see much lower prices than other areas of the GTA and I think it will remain that way for some time. Even though there is lots of development happening, we haven’t reached the same level of urbanization as York Region, for example, that continues to see very high average selling prices ($592,552 for August),” added President Marquis.
As of the end of August there were 1,844 active listings, a 6% reduction from July. The Months of Inventory Indicator is holding at 2.2 which represents how long (in months) it would take to sell all the active listings if no new listings entered the marketplace. “We are continuing to experience a strong selling market but that could change as more properties come on the market this fall,” added President Marquis.