The Durham Region Association of Realtor reported 1,176 transactions in May, representing a 37% increase over the 859 transactions recorded in May of 2018. New listings also increased from 1,993 in April to 2,392 in May; up 20%. The average selling price inched up slightly from last year to $622,292 across Durham Region.
Current Average Days On Market stands at 19 days and the Sales to New Listing Ratio stood at 49.2%, indicating a very, balanced market. What that means for Sellers is your property must be priced correctly, presented properly and marketed aggressively to make it stand out against the competition. Price reductions are common in this type of market. On the buyer side, choice and comparative shopping are back in style and Buyers can take their time and shop around.
After a slower start in early 2019 accompanied by lots of snow, ice and cold temperatures the market finally seems to be bouncing back with respectable sales activity expected for the remainder of the year.
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