The Durham Region Association of Realtors reports what happened in August to the real estate market as many people were enjoying the continuation of a brilliant summer:
Durham Region Association of REALTORS® (DRAR) President Dennis Roberts reported an increase in residential transactions on a month-over month basis in August. DRAR REALTORS® reported 843 residential transactions, a 6 per cent increase compared to July 2018 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 2018 compared to $584,131 in July.
In the HOT market of 2017, the average sale price was $628,005. In 2018 the average price YTD is $596,374, 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 a 2.4 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.
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.