Durham Region Experienced 25% Increase Of Real Estate Sales In November

The market is continuing to move at a blistering pace:

The Durham Region Association of REALTORS® (DRAR) President Michael Watson reported 1,088 residential transactions in November 2020 representing a 25 per cent increase from November 2019. The number of new listings in Durham reached 1,042 with the average price in Durham at $762,739 last month.

The average selling price increased by 25 per cent compared to the average price in November 2019. The MLS® Home Price Index Benchmark Price in Durham Region was $691,000, a 19.91 per cent increase from the previous year. The Benchmark Price for a single-family detached home in Oshawa was $629,800.

“Homebuyers continue to seek the options in Durham Region’s housing market while taking advantage taking advantage of the low interest rates. It is important to note the low supply and demand in today’s market will continue to drive competition and tighten market conditions,” said Watson.

“The announcement of General Motors returning to Oshawa to reopen an assembly plant is great news for Durham Region. Oshawa continues to be an ideal location for new home buyers with a variety of housing options,” said Watson. “Oshawa is expected to have a strong GDP and economic recovery in 2021. General Motors is expecting to bring up to 2,500 jobs, driving the economic recovery.”

Source: http://www.durhamrealestate.org/blogEntry.cfm?b=23661