Sales in Durham Region clocked in at 662 units in September, down 17.8% from 806
units sold in August and off 34% from September 2021. In spite of the difference in
markets, Sellers have adapted and sales activity is steady, albeit lower.
The Average Price was $915,027, down by only 5.4% from $968,136 recorded last
year. We’re going to continue to see suppressed activity through the end of the year
however underlying demand for housing is consistently strong, and there’s a shortage of
it.
Active Listings decreased by 2.7% over the previous month but were 86% higher than
September, 2021 when there was a scant 585 active listings on the market. The number
of Active Listings was 1,090. New listings decreased by 6.4% from August to 1,194 from
1,275. When New Listings decrease or remain constricted, sale prices are better
supported so we watch these numbers carefully. The Sales to New Listings Trend came
in at 60.5% which indicates a balanced market. Whenever you hear the words
“Balanced Market” it is a good time to be a Buyer!
Months of Inventory on the market came in at 1 month, double the two weeks of
inventory a year ago! The Average Sale Price to List Price percentage dropped to 99%
which is the first time I’ve seen it go below 100% in many months. A year ago that
number was 115%. If you’re a Buyer, would you prefer to be paying 99% of asking price
or 115%? Buyers have waited a long time for this opportunity and even though rates are
increasing, they don’t compensate for the drop in prices. You’re still ahead of the game.
Lastly, the Average Days On Market came in at 18 days, a minor 1 day increase from
17 recorded in August but double the 9 days recorded in 2021.
When is the best time to buy? 5 years ago. But seriously, getting that first roof over your
head is hugely important for most Canadians to start building wealth. This is a great
time to enter the market and Durham Region is poised for substantial long-term growth.
Drive around the north end of any our our municipalities and you’ll see all the shovels in
the ground. Acting sooner than later can only benefit you when it comes to building
equity.
Call us for a road map discussion on how and where to get started in the home-buying
process. We’ve done this hundreds of times over the past 25 years in Durham Region.
We’d love to hear from you! Call Lisa direct at: 905-442-5847 or email:
Lisa@WilliamsAndFollows.com today!
