By: Shawn Lepp
DURHAM REGION REAL ESTATE MARKET UPDATE ENDING OCTOBER 2015
Tags: Durham Region Real Estate
Durham Region real estate saw an overall increase in the number of new listings coming onto the market compared to October 2014. The number of new listings increased .24% month over month, and 2.28% year over year. The number of sales for the month also saw an increase of 1.64% compared to October 2014 and an increase of 9.09% year over year.
Durham Region Real Estate – Months Of Inventory (MOI)
The months of inventory indicator is used to determine supply and demand in the real estate industry. The MOI is calculated using the number of new listings divided by the sales. In other words, it no other homes came on the market, how long would it take to exhaust the current inventory. The chart below indicated that the MOI ending October 2015 was just 1.38 months – down from 1.47 months at the same time last year. When we see the MOI this low, it is indicative of a seller’s market and we often see higher sales prices as more buyers compete for quality listings.
Durham Region Real Estate – Home Prices Have Increased
The average home price at the end of October continued an upward climb and increased 13.19% compared to October 2014 and increased 12.66% year over year. We also continue to see quality properties selling quickly with the average days on market before a home sells being just 17 days.
Looking To See What The Market Is Doing In Your Area?
To get an accurate picture of what the real estate market is doing in your neighbourhood, I invite you to contact me today for more information.