DECLINING JUNE STATS POINT TO BALANCED MARKET
The Durham Region Association of REALTORS® reported 967 transactions through their MLS® System in June 2022. This is a decline of 12.5% from May 2022 and a 32.09% drop year over year. The local housing supply increased to 1.5 months of inventory in June from 0.7 months in March 2022.
“With the declining sales and listings since early spring 2022, all signs are pointing to a balanced market in the Durham Region and most of the GTA, despite a year over year increase of 19.7% in new listings.” noted DRAR President Meredith Kennedy. “June typically isn’t as busy with listing or transactions as people turn their focus on summer holidays and the end of the school year.”
The average selling price, at $969,424, continues to outpace the June 2021 levels by 5.6%, but trends lower on a monthly basis. The average benchmark price for homes was $1,039,100, up by 19.13% on a year-over-year basis in June. By comparison, the benchmark (HPI) price for townhouse/ row units was $751,700, an increase of 23.25% compared to a year earlier.
As more individuals and families move further east through the GTA, Durham will continue to be a top option with its diverse market and affordability. In June 2022 the average days on market reached 12, giving buyers and sellers more confidence during their transactions.
BOARD & ASSOCIATION INFORMATION
Durham REALTORS®, We Work Where You Live. To contact a local Durham Association REALTOR® for more specific and local housing statistics or search for a weekend open house or listings in your neighbourhood, please visit http://www.durhamrealestate.org/
DURHAM REGION ASSOCIATION OF REALTORS®
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For more information,
Meredith Kennedy, DRAR President
Phone: (905) 723-8184