The Durham Region Association of REALTORS� (DRAR) President, Deborah Khoury reported 746 sales of single family dwellings in the Durham Region for the month of August 2008; this reflects a decrease of 19% from July�s 891 sales. �August is typically a slower month in real estate with families focused on getting vacation time in, and preparing the kids to go back to school,� commented President Khoury.
Year-to-date statistics reveal a marginal increase of 2% to the average selling price of a home from $265,493 in August 2007 to $270,802 in August 2008.
Listings on the Multiple Listing Service� (MLS�) dropped 5% in August 2008 to 2849 from the 3003 recorded in July 2008; but this number still displays an increase of 23% from the 2307 homes on the market in August 2007.
�All real estate is localized, average price increases vary from town-to-town and even neighborhood-to-neighborhood. The days of �let�s just try and price it a little higher and see what happens� are gone. In a Buyers Market it�s imperative that homes are priced according to market value as most buyers will take a pass on overpriced homes and go straight to the house that is priced right,� commented President Khoury.