September 2018 - Real Estate Market Snapshot Durham Region

By: Jason and Andre Ferris

September 2018 - Real Estate Market Snapshot Durham Region

Tags: Durham Region, Real Estate Update,

 

As we head into fall, it seems as though the housing market in Durham took a little step forward in its bounce back from a sluggish 2018 so far.

The average selling price for a home in Durham climbed to $590,706 this August versus the $584, 131 it posted in July. In the extremely hot market of 2017, the average sale price was $628,005. Today, that average is down to $596,374, a significant drop, but still 11% higher than the 2016 number of $533,828.

Why is now a good time to sell? Well with the rumours of interest rate increases and only 2.4 months of inventory currently available, Buyers just may be awakening from their slumber and starting to get very active again in their search for their next home.