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The release of December stats brought a year of softening to a close. The year saw sales and average sale prices drop from their peak in the early months of 2022. 

 

Let’s take a look at where the Durham Region landed as we enter 2023.

 

🔹The average sale price overall dropped 29% from the highest recorded average in February 

The number of sales decreased by 67% from that time

🔹Homes now take 3 times longer to sell, jumping from 7 days on market to 21

🔹The Durham Region has 1.3 months of supply, compared to just half a month at the beginning of 2022

🔹Condos and townhouses performed the best overall. Condos saw a decrease in price of 19%, with townhouses dropping 25%

 

Even with a drop from the peak, the average sale price of a detached home is just .01 less than it was in January of 2021. A detached home is selling 36% higher than it was the month the pandemic hit. 

 

Wondering what the changing market means for your sale/purchase? I’m here to help out!

 

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