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Durham Region Sellers Market Persists in November
The real estate market hasn't slowed down much in November! Realtors(R) reported 919 Durham Region home sales through the Toronto Real Estate Board MLS(R) System in November 2016. This was 15% more than November of last year. For the broader Greater Toronto Area, there were 8,547 home sales reported, which was a 16.5% increase compared to November 2015.
The average selling price in November 2016 was $574,694. This followed the trend of price growth year-over-year in 2016, with an increase of 26.1% from November 2015. For the entire GTA the MLS® Home Price Index (HPI) Composite Benchmark was up by 20.3% compared to November 2015. The average selling price at $776,684 was up by 22.7% compared to November last year.
"Home buying activity remained strong across all market segments in November. However, many would-be home buyers continued to be frustrated by the lack of listings, as annual sales growth once again outstripped growth in new listings. Seller's market conditions translated into robust rates of price growth," said TREB Board President Larry Cerqua.
In the Durham Region the number of new listings that came on the market in November was down from October, but up 20.5% from November 2015. A strong sellers market persisted. For every active listing in the Durham Region for November 2016, there were 1.4 sales.
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