Home sales and selling prices both increased in Durham over the month of August.
Durham Region Association of Realtors (DRAR) president Dennis Roberts reported 843 residential transactions, a six per cent increase compared to July with an average 28 days on the market.
“It is encouraging to see an increase in transactions as we enter the fall market. It was anticipated that we would see a hike in activity in the fall, and an increase in sales as well as the average selling price for the month of August is a very positive sign,” said Roberts. The average selling price in Durham Region reached $590,706 in August compared to $584,131 in July.
However, prices remain lower than the booming market of 2017.
Last year, the average sale price was $628,005. In 2018, the average price year-to-date is $596,374. This is still 11.7 per cent higher than the 2016 average price of $533,828 and the second highest average price in Durham Region’s history.
“It is a great time to sell. With only just about two-and-a-half months supply of inventory currently available and a possible rate increase in the fall, right now may be the right time for buyers to make that decision to purchase their next home,” Roberts adds.
Market conditions in the summer of 2018 were much tighter than the summer of 2017. Many homebuyers who may have waited to adjust to the new mortgage lending guidelines have renewed their search for a home and Durham Region continues to be the leader in affordable housing options for buyers in the GTA according to the MLS Home Price Index.
REALTOR Connect is Durham Region’s largest real estate trade show hosted by DRAR. The trade show includes land planning information sessions for ongoing and future planning in Oshawa and the rest of Durham Region. The trade show takes place Wednesday, Sept. 19 at Deer Creek Golf & Banquet Facility, and has over 50 exhibitors, professional development sessions, prize giveaways, networking and more. For more information, visit www.realtorconnect.wordpress.com.