What a roller coaster the 2017 Durham Region real estate market has been so far this year. The trend year-over-year is still on a staggering upswing, however, there’s no denying that month-to-month we’ve seen a very clear cooling of the overheated activity we saw in the first quarter of 2017.
Announcements by the government towards the end of April of changing coming aimed at reining in the Toronto market caused homebuyers to adopt a lot of wait and watch attitude while homesellers rushed to get their homes on the market to try to catch the crazy buyer wave. The ultimate result of both of these separate actions was an increase in inventory of available homes for sale in Durham Region. Suddenly, buyers had choices and weren’t fighting with dozens of other frustrated buyers for rare homes that did come up for sale. Multiple offers and bidding wars are still happening, but not in the frequency or to the extreme that they have been.
The Fair Housing Plan [read details HERE] announced by the Ontario government April 20, 2017 is aimed primarily at foreign buyers and investors, who actually make up a relatively small percentage of the real estate buying demographic. What appears to have happened, though, is that any prospective home buyers have adopted a cautious approach, knowing that new measures are in place but perhaps not understanding just what the measures are and how they may - or may not - affect their particular home buying scenario.
While it is typical of the seasonal spring real estate market to see an influx of listings this time of year. It does appear that many more sellers scrambled to get their homes on the market in an attempt to benefit from the emotion-driven sellers market we’ve had so far this year.
In April 2017, new listings were up 35% over March 2017 with 2433 new listings compared to 1800 in Durham Region. This is a huge benefit to current home buyers.
If you’re a home seller, don’t despair. Although gains that we saw in early 2017 aren’t likely, it’s still possible to see an excellent return on your investment. The average selling price is still northwards of 35% year-over-year with the current average for Durham Region sitting pretty at $702,768, compared to $697,896 in March and $533.828 for the same time period last year.
According to Durham Region Association of Realtors® (DRAR) president Roger Bouma, “Home buyers are recognizing how great the quality of life is in Durham Region. Even with the increase in selling price, [Durham Region] continues to be one of the most affordable markets in the GTA. There is high demand to live in the east end of the GTA.”
Durham/Oshawa recently ranked #2 in MoneySense Magazine’s Best Places to Buy Real Estate list in April 2017, above 35 other cities. A few of the top factors that drive the Where to Buy Now rankings for a strong housing market include a market that offers some income potential, sustained price growth and a strong economy to support it. The ranking refers to Oshawa cencus area, which also encompases both Whitby and Clarington.
One of the most important things you need to do to weather a market such as this, whether you are buying or selling, is to ensure you work with a Realtor® who’s on top of this ever changing market and who has experience working a Sellers’ Market with both home sellers and home buyers. The days of just putting a sign on the lawn and waiting for the multiple offers to flow in is likely passed for most sellers for the time being. Now, preparation and presentation along with marketing and experience will be key to a successful sale.
Rebecca McGarvey and her team have many years of experience in all areas of Durham Region, working successfully in every market condition. As one of the top Realtors® at the #1 firm in Durham Region (for closed sales by Total Units Sold January 1, 2017-March 31, 2017 Durham Region), Rebecca and her Team are able to help you navigate this tricky market to a successful conclusion. Rebecca offers complimentary current market evaluations, FREE staging, professional marketing and photography and more. Contact Rebecca today at firstname.lastname@example.org or 905-260-4305.