April 5, 2017
Durham Region Association of REALTORS® (DRAR) President Roger Bouma reported 1,349 residential transactions in March 2017, a 16 per cent increase from the same time last year. March also saw the number of new listings in Durham increase to 1,800, significantly up from 976 new listings the previous month, and higher than the 1,474 new listings in March 2016. “While strong demand continues to drive our market in 2017, it is interesting to finally see inventories increase” stated Bouma, adding “this increased selection might entice more buyers to look at Durham.”
The average selling price in Durham reached $697,896 last month. In comparison, the average selling price was $489,755 during the same period last year; a 42.5 percent increase. “Homebuyers are recognizing how great the quality of life is in Durham Region,” said Bouma. “Even with this astounding increase in value, Durham continues to offer one of the most affordable housing markets in the regions neighbouring Toronto.”
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,” said Bouma. ”Ongoing expansion of transportation infrastructure make our region both accessible and desirable.”
“In Durham Region you can go from Lake Ontario, through vibrant downtowns, to farmland in 10 or 15 minutes,” explains Bouma. “You can’t get that anywhere else in the GTA.”
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