Durham Region Association of REALTORS® (DRAR) President Dennis Roberts reported 879 residential transactions in November 2017, a 4 percent increase from October 2017. “The balance between supply and demand for homes continues to be very tight as we inch closer to the end of 2017,” stated Roberts.
November saw a slight decrease in listings of 1632 from 1698 in October. There is large increase year over year from November 2016, where there was 1154 listings, an increase of 47 percent. 2016 did not represent the historical norm.
Durham continues to offer a balanced market where both buyers and sellers have the opportunity to complete the housing transactions without multiple offers, while still enjoying an increase in selling price over last year. November 2017’s average selling price was $574,901 which represents a slight increase over the same month in 2016 at $574, 694. The relaxed market is also supported by the number of days on market. The average days on market for November 2017 was 26 days, in comparison to November 2016 where it was only 13 days.
“Durham Region is seeing development in residential, commercial, and land, as well as the development through transportation and technology projects, all of which is stimulating new investment interest,” says Roberts. “Durham Region is an affordable and prospering place to live.”
Roberts also added, “I am very proud of Durham’s REALTORS® who came together to raise over $20,000 at our Annual Christmas Dinner and Charity Auction for DRAR’s 2017 Charity of Choice, Hearth Place”. Hearth Place is a Cancer support centre for patients and their families who offer peer support, information, wellness programs and a resource centre. All funds raised thru DRAR are committed to their new End of Life Room.