The Durham Region Real Estate Market Saw Severals Trends In January 2018

Welcome to February! With January in the books, it’s time to review the trends we saw in the Durham Region real estate market throughout the opening month of 2018.

 

Listings On The Rise

Throughout January the Durham Region real estate market saw listings on the rise with an incredible 954 new listings. That’s almost a 35% increase over December 2017 which saw 711 new properties on the market.

 

Values Are On A Steady Increase

Real estate values were on the rise throughout our Region with a month-over-month increase from December 2017 to January 2018. The average price of a home in Durham in December was $575,064 and in January, that number a respectable jump to $578,645.

 

Time On The Market

With the addition of more rigorous borrowing rules introduced on January 1, 2018, listings in Durham Region saw a 50% increase in time spent on the market vs. January 2017 – a jump from 15 days in the opening of 2017 to 30 days days in the beginning of 2018. Real estate experts are attributing this to the new lending rules that require buyers to go through a ‘stress test’. Results of this test often sees banks offering lower financing amounts.

 

Future Trends For Durham Region

Experts in the Durham Region real estate market predict that while the market may have to overcome lending hurdles, there will be continued growth in future years. This is thanks in large part to strong economic advancement and infrastructure projects.

 

Looking to buy or sell in 2018? Reach out today! Asim will provide you with the in-depth information required to make informed real estate decisions. Get started with our team today!