Durham ends 2017 with a balanced market for both buyers and sellers
2017 year-to-date value of all home sales in Durham Region totalled over $6.9 billion in dollar volume, a 3 per cent increase from 2016. This is a direct reflection of Durham Region’s economy and all the area has to offer families.
The average selling price as we finished the year in December was $575,064, a 3 per cent increase from the $574.901 average selling price in November. December also saw a slight increase over the average of $570,957 during the same period in 2016. The market remained balanced in the 4th Quarter, as it had corrected itself out of the April 2017 highs that saw the average selling price of $702,768. Durham finished the year end with a balanced market, which is good for both buyers and sellers.
Inventory of new listings in Durham increased to 711 in December 2017; this represents a 73 per cent increase from the 411 in December 2016. Also we had 545 residential transactions in December 2017, up slightly from 528 in December 2016.
As of January 1, 2018 the new government rule of the mortgage stress test will take effect and be applied to new uninsured and insured mortgages. This stress test has been put into place to ensure that the borrower will be able to pay the loan, especially if interest rates become higher. We are waiting to see how this test will impact buyers in the market.
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