September Real Estate Sales Slump Slightly

According to the Durham Region Association of Realtors, Durham Region had a soft September:

Durham Region Association of REALTORS® (DRAR) President Dennis Roberts reported 773 residential transactions for the month of September, a decrease from August 2018 which saw 843 transactions. September 2018 saw 1,823 new listings compared to 1,466 new listings in August 2018. This is a 24% increase over August 2018.

“It was anticipated we would see a jump in active listings in the Fall Market, especially with the continued warm weather in September,” said Roberts. The average selling price in Durham reached $587,009 for September, a slight decrease from $590,706 in August 2018. However, this average sale price is up this September over the $578,666 from the same time period last year. The MLS HPI composite benchmark price was up slightly by 0.81% year over year for all of Durham Region.

“We are still experiencing a very healthy market in Durham Region and continue to be an affordable option for GTA Buyers,” said Roberts. “Even within Durham Region, it is important to seek the advice and services of a local REALTOR, as market conditions do vary within the region.” Clarington led the way in the region with a 6.28% increase year over year on the MLS Home Price Index composite benchmark price.

With the municipal election approaching, DRAR has been working to highlight the key housing affordability issues that the public should consider when voting. Housing affordability and mortgage regulations, such as the Mortgage Stress Test, have made entering the housing market difficult or impossible in some circumstances for new homebuyers.

The Dream of Home Ownership is a Top Priority for Canadian Millennials and is a dream that Durham REALTORS will continue to advocate for.

DRAR is hosting the third and final municipal election debate on Thursday, October 11th in partnership with the Greater Oshawa Chamber for the Oshawa Mayoral Candidates. Housing affordability will be a topic at the debate.

 

Source: http://durhamrealestate.org/blogEntry.cfm?b=17627