What is happening in the Real Estate Market?
For 3 consecutive months the number of homes sold in Durham region, as well as in the Greater Toronto Area, has been higher than the sales in 2008. This definitely confirms what we keep hearing in the news about the recession coming to an end.
In August the number of homes sold in Durham rose to 875 compared to 746 for the same period last year.
Number of Homes Sold
Sale of Homes in Durham
The average price rose to $278,400 compared to $270,800 for last August.
It is still the lower-priced homes that are driving the market. These homes are selling a lot faster than the higher-end homes. There are two main reasons for this:
- The first time buyers are the ones buying.
- A lot of people are down-sizing.
Average Price
Sale of Homes in Durham
The market is in a balanced position with about 50% of the homes that come on the market selling.
If you or someone you know is thinking of buying a home this is the best time. Why not call us for a consultation session now?