First Quarter Market Statistics
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.
Average Selling Price – Q1 2015
(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.
Contact Me Today:
SCOTT ROY, Sales Representative
RE/MAX JAZZ Inc Brokerage
(905) 728-1600 Office or (905) 435-7355 Direct
What Type of Information are you looking for when it comes to selling your home or buying a new home?
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
RE/MAX JAZZ Inc.
21 Drew Street
(905) 728-1600 Office
(905) 435-7355 Direct
As I continue to research various properties across communities and neighbourhoods it has become clear that Attached Townhomes or Townhouses are very popular.
I have researched 2 specific areas in Oshawa and Whitby for Townhomes and the basis for the research is a bit easier as there is a common benchmark for these types of homes. Most of the recent builds in the area provide 3 Bedroom and 3 Washrooms and provide roughly 1400 – 1700 square feet. There are some Townhomes that provide additional upgrades such as a lucky few that have a walk out or walk up basement. This feature is truly valuable as accessing the back yard is much easier and and so is storing your garden tools or patio furniture.
In the areas I have researched, there is a consistent increase in the values of these types of homes – It’s not affected by the overall price of the Home as the percentage increase seems to be the same not matter if you are talking about a $240,000 home or $300,000 (yes some Townhomes are selling in excess of $300,000 – just look at Brooklin and the area of Williamsburg in the western portion of Whitby). These homes have experienced growth on average of roughly 5% – 7% over the last 2 years. Now this is not an exact science but it’s close as I can get based on recent sales. I went one step further and have broken down some of the research to the individual streets in a certain neighbourhood. My best example would be some research I did in Whitby where 3 streets had a variation of $4,500.00 from street to street. This is most likely due to small neighbourhood influences such as location of the street. The main street that is the feeder from the major street such as Thickson, Harmony or Rossland usually has a slightly lesser value because it is a busier street and sometimes can be a nosier street.
Back to the research – Lets say you Purchased a Townhome from a builder 4 years ago for $230,000 if we only calculate a 5% increase over the past 2 years, your value has increased to $253,575 (calculated using a 5% increase for 2 years) and that is on the conservative side. Now factor in we are in a bit of sellers market you might realize a bit more increase in value.
Townhomes are also very popular because they appeal to the widest cross section of buyers – First time home buyers like them because they are manageable and affordale to maintain. People retiring also like them because most are downsizing from a larger 2 Storey home but do not want to give up on some of the conveniences they have had over the last 15 – 20 years. Townhouses today quite often have Master En-suites and Walk-In Closets, Not to mention most have larger, modern and well laid out kitchens. Townhomes are quite often built in very convenient locations – Close to Shopping, Public Transit and recreation areas.
For More Information on Townhomes – whether you are looking to purchase one or move up from your existing Townhome please contact me and I will provide you the appropriate research and information so you can make a well informed decision.
RE/MAX JAZZ Inc.
21 Drew Streeet
(905) 435-7355 Direct
Side Note: If anyone can tell me the exact or correct spelling of Townhome / Townhouse I would sincerely appreciate the feedback. It would appear spell check and my proof reader don’t like either version