Durham Market Watch - February 2017
Monday Mar 06th, 2017Share
February continued to be a strong month for Durham home sales with 833 units totaling $553,949,410. The average DOM1 in Durham was 10 compared to the 13 with the rest of the GTA. The average price was $665,005 with the median price2 at $630,000.
Detached homes represented 70% of the total number of sales totaling $430,882,960. The average DOM was 11 with an average price of $734,043 and median price of $703,000. The average selling price was 110% of the listing price.
So what does all this mean?
· Homes are selling very quickly in Durham over asking
· The demand in Durham will continue to be high as it still has one of the lowest average sale prices/home in the GTA
· With the expansion of the GO Train lines and 407 extension plus further investments in infrastructure, this area will continue to be in high demand
· Wondering what this means to your next home purchase or sale. That really depends on your family’s needs, and each family is different. Make sure you are working with a realtor that puts your needs first!
1 DOM is the number of days the property was on the market before it sold
2 Average price is the calculated by adding up all of the sales for Durham then dividing by the total number of sales. The median price is determined by ranking all of the sales from lowest to highest then choosing the middle price. This method is often used to normalize the impact of a really high or low price.
Source: Toronto Real Estate Board, Market Watch February 2017