The Vatandoust Sirrs Team Blog
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May 2016 Home Market in Durham Region
Durham Region Association of REALTORS(R) (DRAR) reported 1,445 residential transactions in May 2016, which was an increase of 8.7% from May last year. For the same period, the number of new listings coming on the market decreased by 3.4%. For the Greater Toronto Area (GTA), the Toronto Real Estate Board reported 12,870 home sales through its MLS(R) System last month. That sales figure was a new record for the month of May and 10.6% higher than that of the previous May.
The average selling price in Durham hit $531,051 last month. This was a 15.3% increase over May 2015 and demonstrated growth well above the rate of inflation. The story was much the same for the GTA, where the average selling price was up 15.7% for the same period. Low-rise home types, which remained in short supply in many GTA neighbourhoods, experienced the most price growth.
Durham continued its trend from March and April, with homes selling in 11 days on average during May 2016 compared to 15 days last May. TREB President Mark McLean said, "Whether we're talking about existing homeowners or people looking to purchase for the first time, there is no shortage of buyers in the marketplace today. So, while the record number of home sales through the first five months of 2016 is not necessarily surprising, it does sometimes mask the larger story in the GTA: the shortage of listings, which has resulted in strong upward pressure on home prices."