The Vatandoust Sirrs Team Blog
Read what's happening in the local real estate market, get tips for home owners, buyers, and sellers, find out community news, and more.
May Market Watch 2017
Durham Region REALTORS(R) reported 1,309 sales through the Toronto Real Estate Board MLS(R) System in May 2017. This number was 9.4% lower than May 2016. Greater Toronto Area REALTORS® reported 10,196 sales through the MLS® System in May 2017 – down by 20.3% compared to 12,790 sales reported in May of last year.
May saw the number of new listings in Durham Region increase to 3,271, up from 2,433 new listings the previous month, and 82.7% higher than the 1,790 new listings in May 2016. In the GTA, active listings were up by 42.9% compared to the lowest level in 15 years recorded in May 2016, but remained below the average and peak during that period.
"We're experiencing strong growth in new listings. Buyers are finally getting a bit of a break and benefitting from more choice in the marketplace," stated Durham Region Association of REALTORS® President Roger Bouma. "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 - a 23% increase over the average of $531,051 during May 2016, and a 7% decrease from the $702,768 average selling price in April. For the entire GTA, selling prices continued strong growth in May compared to the same month in 2016. The MLS® HPI Composite Benchmark price was up by 29% year-over-year. The average selling price for all home types combined for the TREB Market Area as a whole was up to $863,910.
In May 2017 for the Durham Region, homes have continued to sell quickly in an average of 10 days compared to 11 days in last year’s May. "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,” explained Bouma.