Another Strong Month For The Durham Region Real Estate Market

Curious about the real estate market? Check out these numbers:

DRAR President Michael Watson reported 1,574 residential transactions in May representing another record-breaking year-over-year increase of sales. Residential transactions in Durham Region decreased slightly when compared to April of this year.

New listings in Durham Region reached 2,048 an 80 per cent increase when compared May 2020. On a month-over-month basis listing decreased by 12 per cent when compared to April. The average selling price in Durham reached $902,135 for all home types.

“The demand for homeownership remains strong and the low borrowing costs continue to fuel the market,” said DRAR President Watson. “Listings are not staying on the market for long and housing supply needs to remain top of mind for policy makers. Supply cannot keep up with the demand and will continue to drive housing prices and competition between buyers.”

The MLS® Home Price Index benchmark price for Durham Region was up 34 per cent compared to the same time last year reaching $825,400. The benchmark price for Durham Region’s popular Clarington market was $753,600.

As the province lifts the stay-at-home order and we enter the first phase of the reopening plan, it is important to remain diligent following health and safety guidelines while safely conducting business. REALTORS® are encouraged to use virtual tools and conduct business virtually when possible. Open houses are still prohibited under the first phase of the reopening plan.

“The housing market is a key economic driver and the demand for homeownership and the change in living habits has increased interest in surrounding GTA markets. The housing supply issue has been acknowledged by policymakers as an issue. It is important to address the shortage issue not only affordability, but as new trends show the increased demand for markets such as Durham Region,” stated Watson.

Source: http://www.durhamrealestate.org/blogEntry.cfm?b=25282