With the beginning of August (yea, that’s right it’s August already) come and gone, it’s the perfect time to review the trends seen in the Durham Region real estate market throughout the month of July. Here’s a recap of the statistics put together by the Durham Region Association of Realtors.
This Year vs. Last Year
In a somewhat surprising turn of events, the normally quiet summer market was heating up this year. Overall, July saw an increase of 6% in July 2018, compared to July 2017 with 794 transactions this year vs. 749 last year.
Returning To The Norm.
The market looks like it’s balancing out and geared to finish the summer months at a more normal pace. How did the experts come to this predictions? Throughout the Durham Region real estate market as a whole, there was a fairly significant drop in new listings. In June there were a reported 1895 new properties hitting the market, and in July that number was down to 1675.
What Are Properties Worth?
Overall trends are showing a slight decrease in property values in a month-over-month comparison. Prices were down July with an average sale price of $584,131. When compared to those the average of $610,728 in June that translates to a 4.35% drop.
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