Hi everyone, welcome back to our monthly market update! My name is Jacob and I’m a broker and team lead of Asparian & Co Real Estate. We’re a boutique team focused on all thing’s real estate in Durham Region. Today we’ll be reviewing the market update numbers for February 2022 but also looking at market activity levels to see if we can see where the market is heading now.
The basics! In every market, the 3 most important numbers we look at our listings, sales, and average sales price.
We saw a total of 2,488 new listings come to the market in Durham Region this February which was a decrease of 15% than the 1,975 that came to market last year at this time.
We had 1,731 homes sold in Durham Region this February and that is a decrease of 15% from the 1,385 that were sold at the same time in 2021.
AVERAGE SALES PRICE
So, what does this all mean for sales prices? The average sale price in Durham Region in February 2022 was $1,228,990. This is an increase of 36% from the 2021 average of $895,441!
One of the biggest mistakes buyers make is trying to time the market and waiting on the sidelines for prices come down. With the current economic environment, it doesn't seem like that will be happening any time soon. The best time to buy real estate was 10 years ago, the second best time is now. If you are interested in buying real estate in Durham Region, Asparian & Co would love to help. Contact us and start your search today!
With the supply being at historic lows and demand picking up, it is a great time to be a seller. If you are looking to make a move, make sure you have a professional team guiding you from start to finish. We offer a comprehensive listing package that includes staging, cleaning, professional photography and so much more. Satisfaction guaranteed. Contact us today for a no obligation market evaluation. Contact us!