Housing Market is Hot in Durham

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 move2013-10-18 11.07.52 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 2015-02-25 12.10.44Oshawa 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.

2015-02-25 12.13.00The 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.

The Entire Port Perry Star Article can be found by Clicking Here

If you would like more information on your own neighbourhood or community I would be happy to help. Please feel free to contact me:

SCOTT ROY 073860_REMAX_Number_One_3D_Chrome_RGB

RE/MAX JAZZ Inc. Brokerage

21 Drew St. Oshawa, Ontario

(905) 728-1600 or (905) 435-7355

scott@lifeindurham.com

Average House Prices On The Rise In Durham Region

DURHAM REGION, May 3, 2013 20121111-144834.jpg

The Durham Region Association of  Realtors or (DRAR) has reported a 27% increase in sales for April with 1,204 homes sold compared to 948 in March. “This figure still represents a 10% decrease from this time last year.

  • Market inventory shot up by 19% in April with 1,793 new listings during the month.
  • The end of month inventory was also up by 9% compared to March with 1,694 active listings.
  • The average selling price in Durham climbed to $357,638, an increase of 3% since March and 6% over this time last year.

These increases are modest but consistent and this speaks to the stability of the Durham real estate market.

The number of listings remain down by just about 10.5% when you you compare the year to date stats for 2013 against 2012 – indicating that it is still a bit of a sellers market in Durham Region. The sellers market in my opinion has really been noticeable in Oshawa as homes are selling very quickly and sometimes at or over the asking price. Oshawa also currently stands out in the Average Selling Price category with an increase of 9.5%  over last year with Uxbridge and Whitby in second and third with increases of 8.1% and 6.5%.

Here is something interesting – In 2003 the Average Selling Price in Durham Region was $218,922  and today So far in in 2013 the average selling price is  $345,851 that is an increase of 36%

All statistics have been take from the Durham Region Association of Realtors – Housing Market Report for May 2013 

 

If you would like more information on the housing market in Durham please feel free to contact me 

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SCOTT ROY 

RE/MAX JAZZ INC.

21 Drew Street – Oshawa, Ontario

 (905) 728-1600 office 

(905) 435-7355 direct 

(888) 732-1600 toll free 

scott@lifeindurham.com