DURHAM REGION JUNE 3, 2009 - “The resale housing market in the Durham Region has remained remarkably steady throughout 2009’s unanticipated busy market,” commented Debbie Dawson, 2009 President of the Durham Region Association of REALTORS® (DRAR).
Although May’s 1026 sales are down 2.3% from the reported 1051 sales in May ’08, they are up a considerable 21.7% from the 843 sales reported in April ’09. “Usually we see these types of numbers early in the spring market but this year it seems buyers took more time with their house search, utilizing home purchasing incentives and current economic factors to their advantage,” said Dawson.
“The average selling price of a home is also up 3.3% ($278,592) from April’s reported $269,596, this is only a 1.5% drop from May ‘08’s reported $282,717,” said Dawson. “Last years housing market was full of record breaking numbers; despite market dynamics, Durham’s spring market has remained particularly strong.”
“Without a doubt we are facing a changing housing market and purchasers should be aware of the basic fundamentals when starting a ‘house hunt’,” commented Dawson. The old steps still remain tested and true in today’s market: 1) Save smart for a down payment, the larger the down payment the more beneficial it will be to narrow down your bottom line; 2) Don’t over spend, just because your approved for certain mortgage amount doesn’t mean that you have to spend it; 3) Understand your market, understand the market trends and development in the area you’re interested in such as: local job market, pricing, comparables etc.”
Durham REALTORS®, We Work Where You Live. To contact a local Durham Association REALTOR® for more specific and local housing statistics or search for an open house, please visit www.DurhamRealEstate.org.
