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Greater housing supply moderates Durham’s price growth

DURHAM REGION, July 6, 2017 – Durham Region Association of REALTORS® (DRAR) President Roger Bouma reported 997 residential transactions in June 2017, a 32 per cent decrease from the same time last year. 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.

“We’re continuing to see strong growth in new listings compared to last year” stated 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.”

“Durham Region continues to offer the best home value in the GTA, and I suspect this, combined with our increase in inventory will keep buyers coming east” said Bouma, adding, “the expectation of an increase in interest rates might encourage some to act sooner, rather than later.”

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