Market Update (Decemeber 2017)
The Michael Baird Team is here to provide you with the most current housing market statistics in the Durham Region. The Durham Region Association of REALTORS® (DRAR) has reported 879 residential transactions in November 2017, which is a 4 per cent increase from October 2017.
DRAR President Dennis Roberts stated that “The balance between supply and demand for homes continues to be very tight as we inch closer to the end of 2017.”
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 per cent. 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 23 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 in which is stimulating new investment interest,” says Roberts . “Durham Region is an affordable and prospering place to live.”
The Michael Baird Team is confident in the current market in the Durham Region. In a market where there are more buyers than sellers, The Michael Baird Team works hard each and every day to create their own inventory for their buyers and actively promote their own listings.