Durham Housing Market Hits Record: Average Sale Price Over $700,000

The Durham Region Association of Realtors lets us know that Durham Region is a great place to live:

Durham Region Association of REALTORS® (DRAR) President Roger Bouma reported 1,485 residential transactions in April 2017, an increase from the same time last year 1,322 in 2016. New listing are up to 2,433 in April 2017, compared to 1800 in March 2017. “The increased inventory should be a welcome relief to our buyers” stated Bouma.

The average selling price in Durham reached $702,768 last month a modest increase over March 2017 of $697.897. In comparison, the average selling price was $520,199 during April of last year; a 35 percent increase. “Homebuyers are recognizing how great the quality of life is in Durham Region,” said Bouma. “Even with the increase in selling price, we continue to be one of the most affordable housing markets in the GTA.”

Homes have continued to sell quickly in an average of 7 days compared to 11 days last year. “There is a high demand to live on the east-end of the GTA,” added Bouma.

Durham/Oshawa ranked 2nd in MoneySense Magazine’s Best Places to Buy Real Estate list in April 2017, above 35 other cities. A few of the top factors that drive the Where to Buy Now rankings for a strong housing market include a market that offers some income potential, sustained price growth and a strong economy to support it. The ranking refers to the Oshawa census area, which includes Whitby and Clarington.

“Durham Region offers the best value in the GTA. This combined with more new listings should keep the traffic coming east.”

Durham REALTORS®, We Work Where You Live. To contact a local Durham Association REALTOR® or to search for a weekend open house or listings in your neighbourhood, please visit: www.DurhamRealEstate.org

Source: http://durhamrealestate.org/blogEntry.cfm?b=14708