May has come and gone and there was no shortage of buyers here is Durham Region!
DRAR or Durham Region Association has released numbers for may and they are both good if you are looking to sell. The current president of (DRAR), Sandra O’Donohue, has stated in her report that 1,445 residential transactions took place in May 2016. This represents an increase of 8.7 per cent compared to the same period last year. Sandra was quoted as saying “There is no shortage of buyers in the market today,”
In contrast, there were 1,790 new listings in May 2016 compared to 1,851 May 2015; a 3.4 per cent decrease. This is the main reason for why prices have risen and the number of offers on some homes has increased into double digits. “Home prices have shown strong year-over-year increases in the Durham Region,” added O’Donohue.
The average selling price in Durham reached $531,051 last month. In comparison, the average selling price was $449,837 during the same period last year. This represents a 15.3 per cent increase. Similarly to last month, the continued increase in prices has caused homes to sell faster, selling in an average of 11 days compared to 15 days last year.
Buyers are more frequently having to remove conditions prior to making an offer, which in some cases makes the Buyers more prepared. Simply put Buyers have to know exactly what they are qualified for and many are now taking the advice of having a preemptive home inspection completed prior to making an offer. A Preemptive Home Inspection is done in just under an hour and looks at only major components of a home simply to give buyers that extra piece of mind.
Stats and Figures are taken from the DRAR Durham Region Association of Realtors monthly E bulletin for June 2016.
For additional information on the current real estate market please feel free to contact me directly:
This Wonderfully Built Karvon Home has 4 Bedrooms + 3 Bathrooms & Walk Out Basement that is currently unfinished and provides a blank canvas to create what ever you would like (Family Games Room, Home Office or Theatre, Additional Living space for Extended Family). We will be opening this home up for everyone to see on Both Saturday June4th and Sunday June 5th from 2-4 p.m. on both days. MAP
Features of the Home include:
9 Foot Ceilings on Main Level
Spacious Kitchen with Additional Cabinetry
Eat In Kitchen
Main Floor Family Room
Mud Room / Utility Room With Direct Garage Access
2 Car Garage
Oversized Windows in Basement
Walk Out Basement
Huge 50 Foot Lot
4 Spacious Bedrooms
Huge Master Bedroom with Walk In Closet and 4 Piece Ensuite
There has been a 13% increase in the average home prices within the Durham Region .
In March 2015 the average selling price reached $430,291.00 When compared to last year in March 2014 the average selling price was $380,267.00. Low Interest rates Are keeping home ownership insight for many people and the low rates have also allowed many to make that “Move Up” to a larger more spacious home even with the increase In home prices.
(Print out the PDF above to check out the stats for the area you live in)
Townhouses remain the strongest growth sector across Durham Region with that sector accounting 15.3 % increase in value when compared to the same time
Another contributing factor to this growth is the lower than expected inventory levels. Combine that with the fact that there are more buyers in market place today than last year and
continued lower inventory levels are causing Buyers to compete (sometimes aggressively) in order to acquire a property of their dreams. The Competition between the buyers has also had
a strong affect on the market place, All you have to do is look at the average list to sale price for 2015 at 101% compared to 99% in 2014.
Durham Region is still experiencing a strong sellers market, however, with the summer months not too far off we can anticipate a leveling off in the market place, possibly making it a
good time for buyers to continue looking while everyone else heads off on summer vacations and to their cottages.
If you know of any family members or friends who are considering selling their home or purchasing a home please have them contact me and I will be happy to assist them and provide the
Research, Knowledge and Market Insight they need.
Durham Region is quickly becoming a very desirable place to be and Live! I can think of so many reasons why families are looking eastward from Toronto. The two very prominent reasons for this recent increase in demand are the fact that prices in the area remain very much in reach for many first time home buyers and move up buyers in the Toronto market. That combined with the extension of the 407 ETR out to Harmony Rd. in December 2015 will vastly reduce travel times into Toronto, Person Airport and other surrounding communities that now employ a great deal of people such as Mississauga, Vaughan and Richmond Hill.
In a recent article in the Port Perry Star I was surprised to see that the Township of Scugog which is where Port Perry is located, actually has the highest average selling price in Durham Region for 2015 so far at $596,201. The article also stated that Scugog township shot near the top of the list for single detached homes with an average cost of $614,000 second to Pickering with an average selling price for a single detached home at $615,000.
There are many factors that will influence average prices; Overall population and the type of housing available to buyers in those cities, communities or towns will have a major impact. Take for example Oshawa which has a greater mix of housing types with Semi Detached, Townhomes, Condo Apartments and Single Detached homes compared to a town such as Uxbridge or Port Perry where the resale market is dominated by larger Single family detached homes and not a lot of Townhomes or Semi Detached homes available for buyers.
The article also went on to talk about current inventory levels not being at the same level as demand from buyers, which results in a bit of sellers market. Even though there was a 6% increase in the number of residential transactions so far in 2015 demand from Buyers still outstrips the current inventory levels. Many buyers who have been involved in multiple offers will remain in the market and will probably be even more active once this cold and snow is gone. Many industry leaders across the region are pointing to the economy (lower Interest rates), the lower Canadian Dollar and strengthened exports to continue fueling better job possibilities which will in turn continue to drive this very active real estate market.
OPEN HOUSE SATURDAY AND SUNDAY, August 9th and 10th from 2 – 4 p.m.
Simply Gorgeous Custom Built Home that has Just Over 3100 Sq Ft Of Fantastic Living Space
Join us this weekend and preview a simply gorgeous home in Port Perry at 435 MacDonald (MAP). On Saturday and Sunday we will be hosting an Open House and this will be your opportunity to look around this home and see how inviting the layout is and just how much space there is to raise your family. You will also be amazed by the huge Pool Sized lot See below for a few of the highlights of this home.
4 Large Bedrooms
5 Bathrooms (Each Bedroom has an En-Suite or Shared “Jack and Jill” En-Suite).
Juliette Balcony in Master Bedroom
Large Open Concept Master Bathroom
Separate Shower and
Huge Whirlpool Tub!
Home has Built in speakers throughout – Fill your home with music
Simply Spectacular Home on a Majestic Corner Lot Set In The Wonderful Enclave Of Homes In Castle Harbour. This is an All Brick Ranch Style Bungalow with a an over-sized 2 Car Garage & Direct Access To The Home.
Gourmet Chef Inspired Kitchen With Soapstone Counters And High End Stainless Steel Appliances. 2+2 Bdrms with the option to convert back to 3 Bedrooms upstairs. Exceptional 5Pc Main Bathroom With a Separate Shower And Claw-foot Tub. This Home Has So Many Improvements And Upgrades-Don’t Miss The Opportunity
Buying a home is one of the biggest decisions you can make in your life.
It can be an exhilarating experience, but it can also at times be overwhelming and very confusing. There are a lot of preparations to make and costs to plan for. I can help walk you through the entire process step by step in order to alleviate some of the confusion and misconceptions.
My Goal is to help you learn:
How to get pre-approved for a mortgage.
An understanding of how important being pre-approved is
Tax Credits you might not know about.
Steps to finding your dream home.
Establishing a great relationship with a professional Real Estate agent (Me).