RECORD HIGHS WITH 36 % INCREASE MAKE DURHAM HOTTEST MARKET

Article Taken Directly from the Durham Region Association of REALTORS® (DRAR) February 2017 Newsletter 

Durham Region Association of REALTORS® (DRAR) President Roger Bouma reported 595 residential transactions in January 2017, a 17 per cent increase from the same time last year. “Strong demand and low inventory are a few key factors in the booming price growth in Durham Region,” stated Bouma. There were 735 new listings in January 2017, a 7 per cent decrease compared to 788 in January 2016. “We’re seeing record highs in average selling price in January,” said Bouma. The average selling price in Durham reached $608,417 last month. In comparison, the average selling price was $446,117 during the same period last year; a 36 per cent increase. Homes have continued to sell quickly in an average of 15 days compared to 23 days last year. “This is a story that will continue to make headlines as strong price growth, short supply, and low interest rates continue in 2017,” said Bouma. In the past 10 years, the Durham Region’s average selling price has more than doubled, from $257,850 in 2006 to $533,828 in 2016. “There is no doubt that the Durham Region will continue to grow as we enter 2017, we’re already seeing a dramatic increase from the same time last year.” “The province-wide news that Durham Region will be receiving more funding from the gas tax program for transportation infrastructure is just another example of the great quality of life for families that live or wish to live in Durham,” said Bouma. Minister of Transportation Steven Del Duca announced on February 1 that Durham Region will be receiving approximately $10 million by 2019. “This news, coupled with the extension of the 407 east to the 115, the expansion of the GO Train, and the affordability of living, makes Durham Region one of the hottest markets in Ontario.

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 

What Would You Do With $41,257.00

What Type of Information are you looking for when it comes to selling your home or buying a new home?remaxnumber1

Would you like to know if a type of home or a home in a specific neighbourhood is increasing in value or decreasing in value?

Continuing on with my research about Townhomes in Durham Region I found the following information  to be very interesting . Focused on a niche neighbourhood in Whitby made up entirely of Townhomes  that have all of the same criteria (3 Bedrooms + 3 Washrooms). My research indicates that these Townhomes increased by 14% in value over a 2 year period .  That type of increase translates to a dollar value of $41,257.00.

I would think this type of information would be very helpful if you were considering making a move. If you are considering a move please contact me directly

SCOTT ROY
RE/MAX JAZZ Inc.
21 Drew Street
Oshawa, Ontario
(905) 728-1600 Office
(905) 435-7355 Direct
scott@lifeindurham.com
www.lifeindurham.com
 
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