Real Estate Market Update for October 2022

There were 632 homes sold in October 2022 compared to 662 residential transactions in September 2022 which is a decrease of 4.5 % and 35.4% lower than the 10 year average of 979.

The average selling price in Durham Region for October was $893,673 which is a decrease of 2.3% when compared to the average price of $915,027 reported last month in September 2022. This price point is more in line with prices in the early part of last year. The average Days On Market decreased slightly this month to 26 days.
 
There were 1,183 new listings in October 2022 and when combined with the number of homes sold, the Ratio of Sold to New Listings decreased slightly to 53.4% remaining in a balanced market.

The market correction that began at the beginning of March has continued to be leveled off since July. A balanced market with more stable pricing is good for both sellers and buyers. 
 
Increases in interest rates, or borrowing costs, driven by stubbornly high inflation continues to have buyers taking a more cautious approach with many potential home buyers putting their purchase on hold. With the last increase in interest rates of 75 basis points, economists are indicating there will likely be further increases or at least smaller increases. Given that this discussion by economists is beginning to look at the peaking of interest rates, we anticipate that buyers may be preparing to re-enter the market.


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