| Hello All, Here are the real estate market stats for February! |
 Durham’s average sale price saw almost no change in February, moving to to $888,448 from $886,849 in January. Average sale price is currently sitting very close to where it was in January 2021, before interest rates began to drop to historic lows and average prices went through the roof up until March 2022. The total number of sales for the month increased by 52%, up to 601 from 394 in January. The sale to list price ratio for the month also increased from 99% to 102%, so we are still right near the 100% mark where listings are being priced around market value and sale prices are generally ending up near list price. We are seeing high buyer demand and very low inventory of listings for sale, and due to this multiple offers and quicker sales have started to become more common again. This should continue to happen until the supply of listings increases to keep up with buyer demand. So far this hasn’t seemed to cause sale prices to increase much, which is largely due to the fact that interest rates are still high and haven’t started to come back down again meaning that purchasing power hasn’t increased. FOR SELLERS, this means that now is as good a time as ever to get your house on the market while there is still a shortage of available listings. Eventually (usually around spring) supply will pick up and start to even out the buyer and seller pool which will reduce the high buyer activity that we are currently seeing. FOR BUYERS, it has become important to be prepared and jump on a property that you like right away. Days on market have started to go down, and with many listings getting multiple offers it is advantageous to do what you can to get in before other buyers have the chance. This also means having a mortgage pre-approval done before you start looking is key so that you can offer quickly and confidently on new listings and know what you’re able to spend. Looking to make a move in 2023, want to know what your home would sell for in the current market, or just want to chat real estate? Let’s make it happen!  Brad D’Ornellas REALTOR® Cell: 289-675-4882 Email: brad@braddornellas.com Website: www.braddornellas.com Royal LePage Frank Real Estate, Brokerage Office: 905-852-3050 38 Brock St W. Uxbridge, ON L9P 1P3 |