June Market Update
The Average Sale Price in Durham Region was down 2.6% from May, to $969,424 from $995,668. The reduction from the high point in prices this past February is -21.1% but on the upside, the Average Sale Price was still 5.6% higher than in June of last year. Does it feel like the stats are on a see-saw?
Total Sales decreased by 5.6% from the previous month and were down 32% over June of 2021. For the GTA, the decrease from last year was 41% so Durham is still holding its own as an affordable destination for many new homeowners.
Months of Inventory edged up to 1.5 months from 1.4 months in May and in June 2021 this metric stood at just 2 weeks. Though interest rates continue to creep up, they are having the desired effect. Longer days on market, declining prices, and more inventory make it a desirable atmosphere to buy a home. You can negotiate the price AND include all the conditions you need to protect yourself.
Days on Market edged up slightly to 12 days on average. The Sales to New Listings Ratio stood at 48.9% which was a slight increase from May’s 45.3%. This means more homes are selling through but could also indicate some Sellers are taking their homes off the market. Remember, a ratio in the range of 40% - 60% represents a Balanced Market. In June of 2021, this Sales to New Listings ratio stood at 86.1% representing a solid, Seller’s Market. You can see how much things have changed.
Lastly, the Sales Price to List Price slipped to 104%. It’s amazing this metric is still over 100% but expect it to continually edge down over the summer months. At the height of the market in February, this percentage stood at 129%.
What’s the Outlook? This writer sees a continual softening through the summer months and part of that is seasonality. July, August, and December have always been great months to be a homebuyer. In this case, sooner is better than later to avoid further interest rate increases that could occur later in the year.
If you’d like to chat about the market, just give us a call or send an email. We specialize in both Buyers and Sellers and are uniquely experienced in all types of properties! Give us a call at 905-422-5847 or email us at: team@williamsandfollows.com today!
