Durham Region - June 2017 Market Stats
It’s no secret that the resale housing market in Durham Region has slumped a little in recent months. Durham Region Association of Realtors (DRAR) president, Roger Bouma, reported 997 residential resale transactions in June 2017, representing a 32 per cent DECREASE from the same time period in 2016. THe number of new listings on the market also dropped to 2,639 from May’s 3,271, however it is still higher than 1,755 new listings on MLS (Multiple Listing Service) in June 2016.
Bouma commented that “We’re continuing to see strong growth in new listings compared to last year. The increase in housing supply has resulted in the moderating of sale prices. Buyers continue to benefit from better value and the improved selection available in Durham’s marketplace.”
All indicators point towards a more balanced market for the second half of 2017. Buyers are finding more selection and less frantic competition in the current market while sellers are still appreciating their increase in equity year over year.
“Durham Region continues to offer the best home value in the GTA, and I suspect this, combined with our increase in inventory will keep buyers coming east.” said Bouma, adding “the expectation of an increase in [mortgage] rates might encourage some to act sooner, rather than later.”
With talk of an increase in mortgage rates coming - the first in a very long time - there’s a good chance of the market picking up again. If you’re looking to buy, now might be the perfect time. Contact The Rebecca McGarvey Team to discuss your options today 905-260-4305!