OCTOBER SALES SLOWING
Sales of single family homes in Durham Region slowed in October by 31% to 576 from 752 last month and down a further 41% from 811 sales in October of last year.
Deborah Khoury, President of the Durham Region Association of REALTORS® (DRAR) commented that "The market continues to show signs of softening in the current economy and we expect these conditions to continue to prevail for the balance of the year."
Average prices declined slightly by 3/4 % from $267,478 in September to $264,988 in October and reflect a further 3.1% drop from $273,742's average in October 2007.
"The economic outlook for 2009 should show signs of modest recovery with the number of sales continuing to be fairly strong, however we do notanticipate any growth in prices," President Khoury added. "Inventories are still relatively high compared to the same time last year with 2939 listings on the Multiple Listing Service® (MLS®) down only 1.5% from 2989 last month but up a full 21% from 2420 listings available in October 2007."
The above statistics are compiled by the Durham Region Association of REALTORS® and are based on total home sales. The statistics reflect selling prices for various property types within the Region. These statistics are for information purposes only. These statistics are updated regularly, the last update occurred November 10, 2008.
