The Sellers Market in Durham Region that dominated the news in early 2017 has shown signs of softening in the latest numbers just released for May 2017.
Listing inventory is up and multiple offers are down, although the list to sell ratio is still showing that homes are selling over list price. The average selling price was down 7 per cent from April 2017, but still a healthy 23 per cent increase over this time last year.
The average days on market continues to set a brisk pace at 10 days on market, compared to 11 days on market for this time in 2016.
This change in the market is a boon for first time home buyers who have felt squeezed out of the market in recent months. According to DRAR president, Roger Bouma, “Buyers are finally getting a bit of a break and benefiting from more choice in the marketplace.” thanks to the increase in active listings on the market, 3,271 in May compared to 2,433 the previous month and a significant increase over the 1790 new listings in May 2016.
Average Selling Price - Durham Region - January 1 - May 31, 2017
While Sellers may not be seeing the gains they saw earlier in 2017, it’s important to still remember that real estate continues to be a strong investment with year over year continued growth in average sale prices.
Average Sale Price - Durham Region - Last 10 Years
Whether you are buying or selling in Durham Region, working with a Realtor who’s experienced with both Buyer and Seller markets is key to your best success. Choose the Rebecca McGarvey Team. Rebecca and her Team are successful, full-time Realtors who know the Durham Region and surrounding markets inside and out, in any conditions. Call them now at 905-260-4305 to see how they can help make your real estate dreams a reality!
Visit www.rebeccamcgarvey.com for more info.
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