BEST SELLING SEPTEMBER ON RECORD

The Durham Region Association of REALTORS® (DRAR) reported 825 sales in September 2009, down .5% from August 09’s 875, but up 9% from the 752 recorded in September ‘08’.

Average selling prices were up 1.4% ($282,308) in September, from August’s $278,400, and up 5.5% from the $267,478 reported in September ‘08’.

“Durham’s fall market is starting stronger than ever,” said Debbie Dawson, 2009 DRAR President. “With the reported 825 sales this September, it is the best selling September on record!”

Total active listings are down 36% (1920) from September 08’s 2989, and up 2.9% from last months 1865.

This paucity of listings is really making it difficult for buyers to find the home they want. Multiple offers have become a feature of the Durham real estate marketplace as demand for homes far exceeds supply of listings. Even though some major banks have raised fixed term mortgage rates by 30 or so basis points, rates are still at very low historic levels. The hope is that the increases in Market price will tempt more sellers into the fray.