The Toronto Real Estate Board reported another year-over-year increase in the level of home sales during the month of July.
The number of transactions reached 8,595, up 24.3% when compared to the same month last year.
The overall average selling price during July 2019 was $806,755 – up by three per cent compared to the average sale price recorded in July 2018.
Modest price growth and the increased sales activity was primarily driven by the lower priced housing types such as condos and townhouses, as many first-time buyers made the leap into real estate ownership.
Within Durham Region, the local real estate board (DRAR) reported 1,041 residential transactions during July.
Sales were up 31% when compared to the same month last year. New listings were up by 13%, which facilitated the increase in sales volume. With more houses, townhouses and condos to choose from, buyers were able to find what they were looking for and made their purchase. All statistics suggest that we are enjoying a healthy and balanced market.
The overall average selling price in Durham Region for the month of July was $604,938, up slightly from the average price during July of 2018, but down from the average sale price during June.
It is the increased inventory of entry level homes that have helped the fuel higher sales volume. As existing owners sell, most chose to move-up, producing the big jump in sales volume.
Now that mortgage rates have decreased to 2.75% for a five year term, its the perfect time to consider a move.
The selection of all housing types is improving, prices are stable and both supply and demand are balanced.
Let me help you find the perfect townhouse, condo, detached house or investment property.
I’ve sold real estate in Durham Region for over 25 years, so you can be assured of experienced and sound advice in all market conditions.