Durham Real Estate Market Hits Record High With 37 Per Cent Increase

Another record month for Durham Region:

Durham Region Association of REALTORS® (DRAR) President Roger Bouma reported 833 residential transactions in February 2017, a slight decrease from the same time last year. “We’re seeing a pattern of low inventory and strong demand,” stated Bouma. There were 976 new listings in February 2017, compared to 1,053 in February 2016.

The average selling price in Durham reached $665,005 last month. In comparison, the average selling price was $490,081 during the same period last year; a 37 percent increase. “We’re continuing to see record highs in average selling price,” said Bouma. “This year alone, from January to February, we have seen the average selling price increase by almost 10 percent.”

Homes have continued to sell quickly in an average of 10 days compared to 16 days last year. “The February statistics show us there is still a strong demand for inventory,” said Bouma. ”Homes are selling at an accelerated pace for much higher prices than we have ever seen, making this market a sellers dream.”

“Homeownership remains affordable in the Durham Region, when compared to other neighbouring Toronto communities,” said Bouma. “Durham has long been the best kept secret in the GTA, but it no longer is. The buyers come looking because of our relative value and stay because they fall in love with our great communities,” adding “who can blame them?”

 Source: http://www.durhamrealestate.org/blogEntry.cfm?b=14351