Hey there, future home buyers and real estate fans! We’ve got some exciting updates on the housing market in Durham Region this October. Let’s take a closer look at what’s happening and why it might be a good time to think about buying!

What’s Going On in the Market?

With interest rates going down a bit, more people are starting to feel ready to buy a home. Let’s break down some key numbers:

  • Average Home Price: The average price for a home in Durham Region was $888,914. This is a little lower than last year, down by 4.6%.
  • More Homes Sold: Sales really picked up, jumping 52%! That’s 888 homes sold this October compared to just 586 last October. More people are buying, which means more folks are finding homes they love!
  • Inventory Levels: Inventory means the number of homes available for sale. We currently have around 2.5 months of inventory (last year, it was 3 months). This means homes are moving a bit faster, but there are still plenty of choices.

How Long Are Homes on the Market?

  • Days on Market: This October, homes stayed on the market for about 23 days before being sold. Last year, it was a bit faster at 17 days.

Bank of Canada Rate Cuts – Now What?

What the Recent Rate Cuts Mean for Buyers & Sellers

Buyers are Back!

  • Confidence Rising: In September, the sales-to-new-listings ratio was 34.2%. This October, it jumped up to 50.3%! That means more buyers are getting serious about finding a home.
  • More Listings, More Choices: Listings are up by 17% year-to-date. With more homes on the market, buyers have plenty of options to find their perfect fit.

Why Is Now a Good Time to Buy?

The market is looking great for buyers, and here’s why:

  • Prices are Stable: Right now, prices haven’t started to climb, so buyers can get a good deal.
  • Plenty of Homes to Choose From: With more homes available, it’s easier to find the right one without rushing.

What to Expect Over the Winter

Winter might just be the perfect time to shop for a home! As more inventory is expected to sell over the winter, this could put a bit of upward pressure on prices in early 2025. So, if you’re thinking about buying, now could be your best chance to negotiate a great price.

Thinking of Buying or Selling?

Prepare for your next real estate move with confidence. Contact us for a free Consultation to kickstart your plan! Reach out at 905-442-5847 or send your inquiries to team@willowsgroup.ca or book a call on our calendar here.