Are Buyers & Sellers Staying Home?

The DRAR tells us that it is not bleak:

The Durham Region Association of REALTORS® (DRAR) President Vicki Sweeney reported 513 residential transactions in April 2020 representing a 52 per cent decrease from the same time last year. The number of new listings in Durham Region was 883 for the month of April compared to 1,229 in March 2020.

“In Durham, listings are down but the numbers reported are not as bleak as originally anticipated, said DRAR President Vicki Sweeney. “Technology and tools such as live stream virtual open houses, electronic forms and signatures have been essential to REALTORS® in order to navigate and service buyers and sellers during these unprecedented times, whilst adhering to social distancing measures set out by medical professionals.”

The average price for all home types in Durham Region reached $612,563 in April 2020. The MLS® Home Price Benchmark Index for all home types was up 9.73 per cent. The benchmark price for a single-family detached home in Durham’s Clarington market reached $590,000 in April 2020. The average home price in Durham has not experienced significant changes when compared to the same time last year.

During these times, REALTORS® will continue to follow guidance given from our government and health agencies. DRAR continues to offer virtual education to ensure our REALTOR® members are equipped with the necessary tools to assist their clients. “We are working closely with all levels of government to ensure they are taking careful monitored steps towards safely opening parts of the economy. This will impact the recovery of the housing market in the upcoming months,” said DRAR CEO Wendy Giroux.

“After reviewing the numbers from the time real estate has been deemed an essential service, I wouldn’t under estimate how quickly the market will adjust. Durham Region remains an attractive option for home buyers with a variety of communities from rural to vibrant downtowns,” stated Sweeney.