The Durham Region Has It’s First Look At A Balanced Market
The Bank of Canada’s steady increases in interest rate have taken the Real Estate market out of the peak conditions it saw in February and March.
The number of sales were down 34.9% in May compared to the same time last year and the average selling price of all units in Durham dropped under $1,000,000 to $995,668.
The selling over asking ratio is beginning to shrink. Homes in May were recorded at selling on average for 108% of asking price. What does that mean? This shows that the homeowners are beginning to list closer to actual sales value.
While seeing negative numbers may seem bleak, May’s average sale prices and the number of sales are actually landing where they were in September and October of 2021, and are still averaging 10% more than May of 2021.
A doubled housing supply at 1.4 months is creating choice for buyers, but sellers are still seeing their homes sell on average in I 10 days.
The prime rates currently sits at 3.7%, inching closer to the 3.95% where Canada sat for 2 years from 2018 to 2020. With another rate hike on the horizon, now is an excellent time for buyers to secure a pre approval to lock a rate!