The latest numbers show a change in the wind:
Durham Region Association of REALTORS® (DRAR) President Roger Bouma reported 1,309 residential transactions in May 2017, a 10 per cent decrease from the same time last year. May also saw the number of new listings in Durham increase to 3,271, up from 2,433 new listings the previous month, and significantly higher than the 1,790 new listings in May 2016.
“We’re experiencing strong growth in new listings” stated Bouma. “Buyers are finally getting a bit of a break and benefitting from more choice in the marketplace,” adding “I expect this increase in available listings will continue to entice more buyers to look east to Durham Region.”
The average selling price in Durham reached $652,963 last month. This reflects a 23 per cent increase over the average of $531,051 during the same period last year, and a 7 per cent decrease from the $702,768 average selling in April.
“This increase in new listings and tightening of pricing is encouraging for buyers, especially first time buyers, who were squeezed out of the marketplace by low inventory over the last year,” said Bouma, adding “buyers are recognizing this as an opportunity to purchase a home, often without competing in frenzied multiple offer situations.”
Homes have continued to sell quickly in an average of 10 days compared to 11 days last year. “We seem to be in a more balanced market, where sellers can benefit from their increase in equity over the last few years, and buyers can buy without panic,“ said Bouma.
“Homebuyers are continuing to recognize Durham Region for its great value, accessibility and quality of life,” stated Bouma.
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.