Durham Region Real Estate Update

The Durham Region resale housing market is still breaking records with 1110 sales of single family homes in Durham Region in June reported Lloyd Elliott, President of the Durham Region Association of REALTORS® (formerly the Durham Region Real Estate Board). Even though this is an 8% decrease from 1194 sales in May, these numbers represent the best June performance ever in the history of the Association and also reflect a 16% increase over 955 sales in June of last year. “Regardless of the June numbers,” suggested President Elliott, “significant as these ratios may be in terms of housing market trends and establishing market value, the Durham resale market continues to attract new families (both immigrant and migrant) to the area. Buyers, whether purchasing a new home, or a resale are attracted by affordability, unlimited design features, award winning neighbourhoods, schools, assembly plants as well as economic viability and sustained growth.”

With the average selling price decreasing slightly to $271,394 from $275,695 last month, this is still 2% higher than last June’s average of $265,839. “ Even slight increases in year over year housing prices (comparable to cost of living) is a positive indicator suggesting the market, while exhibiting signs of cooling, remains resilient and indeed continues to move in a favourable direction,” stated President Elliott.

The total number of active listings on the MLS® system is down this month by 8% to 2583 from 2792 in May and shows a further 19% decrease from 3088 homes for sales in June of 2006. “ To date, 2007 has been an interesting year,” mused President Elliott, “ what began as the continuation of a strong buyers market of 2006 has morphed into a balanced market, and now appears to be on the threshold of a new sellers market.”

In the short term, (one year) what can buyers and sellers expect in the housing market? “The short answer is, (replay from most financial journals), mortgage interest rates will rise, perhaps twice by 2008. New home starts will trend slightly downward. And, a new fund-raising wrinkle, open to municipalities may infect the already onerous land transfer tax,” suggested Elliott.

The 1110 homes sold in June represent a $301,247,545 dollar volume, an 18.6% increase over $253,875,895 in June 2006.

Leave a Reply

Your email address will not be published. Required fields are marked *