The Vatandoust Sirrs Team Blog
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June Market Watch 2017
Durham Region Association of REALTORS® (DRAR) reported 997 sales in June 2017, a 32 per cent decrease from the same time last year. Greater Toronto Area REALTORS® reported 7,974 sales through TREB’s MLS® System in June 2017 – down by 37.3 per cent in comparison to June 2016.
June also saw the number of new listings in Durham decrease month-over-month to 2,639, down from a high of 3,271 new listings in May, but higher than the 1,755 new listings in June 2016. The number of new residential listings entered into TREB’s MLS® System, at 19,614, was up by 15.9 per cent compared to June 2016. While this annual rate of growth was sizeable, it represented a more moderate annual rate of growth compared to May 2017, when new listings were up by 48.9 per cent year-over-year.
"We're continuing to see strong growth in new listings compared to last year" stated DRAR’s President Roger Bouma. "This increase in housing supply has resulted in the moderating of sale prices," adding, "Buyers continue to benefit from better value and the improved selection available in Durham Region's marketplace."
The average selling price in Durham reached $615,064 last month, which reflects a 13 percent increase over the average of $542,314 during the same period last year, but a 6 percent decrease from the $652,963 average selling price in May.
"The market seems to be balancing out in the second half of 2017," said Bouma. "Similar to last month, buyers are enjoying the opportunity to buy without having to compete in multiple offer situations, while at the same time sellers are appreciating their increase in equity over the last few years."
Bouma, added, "the expectation of an increase in interest rates might encourage some to act sooner, rather than later."
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