DURHAM REGION AUGUST 7, 2009 – Sales of single family homes in the Durham Region are down 7% (1033) in July ‘09’ from the recorded 1115 in June ‘09’, but up 16% from the 891 sales reported in July ‘08’.
Average selling prices are up 1.2% ($285,247) in July, from June’s $281,765, and up 3.7% from the reported $275,139, in July ‘08’.
First-time buyers and the Bank of Canada rate cuts have helped restore stability to a market that slumped from late 2008 to early this year. In early 2009 the housing market and economic crisis seemed to have battered consumer confidence; and now that we have reach mid-2009 the numbers show households are becoming more confident in their economic positioning and taking full advantage of the affordability of today’s housing market.
Total active listings are down 11% (2023) from June’s reported 2276, and down 33% from July ‘08s’ 3003.
With sales up and listings down the buyers market that we were seeing earlier this year has quickly turned into a sellers market. Though it’s a sellers market, purchasers should still make sure they understand the market trends and development in the areas they are interested in. Researching the local job market, pricing, and comparables are still an important factor in the house hunting process.