Durham Region Association of REALTORS® (DRAR) President Dennis Roberts reported a month-over-month increase in home sales and average sale price in Durham Region in October 2018.
DRAR REALTORS® reported 798 residential transactions in October 2018, a 3.2 percent increase from the previous month, however a 5.6 percent decrease from the same time last year. The average sale price in Durham Region for the month of October was $588,968 up slightly from September at $587,009. This is a 2.3 percent increase from October 2017.
“Monthly sales growth has been positive in Durham Region since the spring. We anticipated it would take time to adjust to the mortgage changes and higher borrowing costs. The Durham market has remained strong,” said Roberts. “With listings down and sales up in October, we may see tighter market conditions moving forward,” stated Roberts. October saw 1,644 new listings, down 9.8 percent month-over-month.