June was a mixed bag for the Durham Region real estate market. Both total sales and average sale prices saw declines compared to last year. Despite a recent interest rate cut—following 10 consecutive increases—more reductions are needed before buyers flood back into the market.

Sales dipped by 2.2% compared to June 2023, with the average sale price dropping by 4.3%, from $999,787 to $956,428. However, it’s not all doom and gloom.

A Silver Lining: More Listings

The big win for June was a 62% surge in active listings. This gives buyers more choices and room to negotiate, potentially offsetting the high interest rates. This increase in listings can make it a better time to buy, preventing the rush that sudden rate drops could trigger, which might otherwise drive prices higher.

Greater Toronto Area Comparison

Across the broader GTA, sales fell by 16.4% compared to last year. Durham Region shines in this context, with only a 2.2% decrease. New listings in the GTA increased by 12.3%, and average sale prices dipped by 1.6%. Year-to-date, Durham Region saw a 3% increase in sales and a 23% rise in listings. Inventory levels are at a high, with 2.5 months of available homes—a clear signal for sellers to price their properties competitively.

Key Stats:

  • Average Days on Market: 15 days
  • Sales to New Listings Ratio: 39.3% (down from 48.3% last year)

Higher interest rates have successfully cooled the market, shifting the advantage towards buyers.

Need Expert Advice?

Curious about what these changes mean for your property? Considering a purchase? Let us help with a free market consultation. Reach out to team@willowsgroup.ca, call 1.888.926.2066, or book an appointment on our calendar today!

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