The Vatandoust Sirrs Team Blog
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Durham Real Estate Market in April 2016
The Toronto Real Estate Board announced that there were 12,085 sales reported through TREB's MLS(R) System in April 2016. This number is 7.4% higher than April 2015 and sets a new record for the month. Durham Region Association of Realtors (DRAR) reported 1,322 sales in April 2016, holding steady compared to last April. For the same period, DRAR reported a decrease of 11.7% in new listings entering the market.
"While April's sales result represented a new record for sales, that number could have been even higher if we had benefitted from more supply," said TREB President Mark McLean. "The lack of available inventory, coupled with record sales, continued to translate into robust annual rates of price growth."
Home selling prices continued to trend upward in April. For all of TREB, the MLS(R) Home Price Index Composite Benchmark rose by 12.6% year-over-year. The average selling price was up by 16.2%. The higher growth rate reported for the average home price, as compared to the MLS(R) HPI, indicates a greater share of high-end home sales this year compared to 2015. DRAR reported an average home price of $520,199 in April 2016. This figure represented a growth of 18.2% from 2015, and the largest year-over-year increase since January 2014.
Jason Mercer, TREB's Director of Market Analysis, said, "As we move into the busiest time of the year, in terms of sales volume, strong competition between buyers will continue to push home prices higher. A greater supply of listings would certainly be welcome, but we would need to see a number of consecutive months in which listings growth outpaced sales growth before market conditions become more balanced."