Greater Toronto REALTORS® reported 6,232 sales through the Multiple Listing Service® (MLS®) in August 2010. This represented a 22 per cent decrease compared to the 8,035 sales recorded during the same period in 2009. New listings decreased by one per cent year over-year to 10,488.
In comparison in Durham region the sales dropped by 24% compared to last August. The rate of decline however slowed down compared to the last 3 months.
Number of Homes Sold
Sale of Homes in Durham
The prospect of interest rate hikes and new mortgage lending rules in the first quarter of this year prompted some households to purchase a home sooner than they otherwise would have this year. This resulted in a huge increase in sales in the first quarter of the year and a larger than normal dip in sales over the summer months.
Even though the sales were down the prices reached another record high for the month of August. The average price of homes in sold in Durham was $312,290 compared to $278,400 in 2009. The main reason for this is that the higher end homes have started selling again pulling the average price up.
Average Price
Sale of Homes in Durham
With the interest rates edging down again and the huge inventory of homes on the market it is expected that the buyers will start returning to the market and take advantage of the buyer's market that we are now in.
Percentage of Sales to Active Listings
Homes in Durham
