Lower Inventory Creates More Buyer Competition

Last week we saw another reduction 📉in the number of new properties for sale in Durham Region, which is typical for a week prior to the long weekend, especially Labour Day weekend as many families get ready for school.

The number of new listings (although lower than the week earlier) was still higher than last year by about 6%.

The long weekend didn’t deter home buyers and the number of sales was at about 130, similar to the previous week.

Tighter inventory creates more buyer competition and we did see a slight increase in the average sales price for the region, as well as a slightly higher list to sell price ratio, indicating that more properties sold for over asking price last week than the week earlier.