The Vatandoust Sirrs Team with Keller Williams Energy Real Estate

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.

Durham housing market in January 2017

The first month of 2017 has continued the trend of last year, with growth in the number of sales and the average home sale price. In the Durham Region the number of homes sold through Toronto Real Estate Board's MLS System was 595, an increase of 17.1% from January of 2016. For the Greater Toronto Area, REALTORS® reported 5,188 residential sales in January 2017 which was up by 11.8% compared to the sales reported in January last year.

GRAPH - homes sold in Durham Region

At the end of last month the number of active listings on TREB's MLS System for the Durham Region (351) was a little more than half of what it was at the end of January in 2016. The low supply helped drive up prices. The average sold price for homes in the Durham Region during January 2017 was $608,417. This represents a growth of 36.4% from a year ago. For all the GTA, the MLS® Home Price Index (HPI) Composite Benchmark price rose by 21.8% year-over-year in January.

GRAPH - average home price in Durham Region

“As we move through 2017, we expect the demand for ownership housing to remain strong, including demand from first-time buyers who, according to a recent Ipsos survey, could account for more than half of transactions this year,” said TREB President Larry Cerqua. “However, many of these would-be buyers will have problems finding a home that meets their needs in a market with very little inventory.”

Do you have questions about the real estate market? We'd love to help! Give us a call at 905-448-2921 or email us.

GRAPH - sold versus available homes in Durham Region

 


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The information provided herein must only be used by consumers that have a bona fide interest in the purchase, sale or lease of real estate and may not be used for any commercial purpose or any other purpose.

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Toronto Real Estate Board - IDX Last Updated: 8/22/2017 6:44:07 AM