The Durham Region Association of REALTORS® (DRAR) President Vicki Sweeney reported 1,515 residential transactions in August, a significant 45 per cent increase from August 2019. The number of new listings increased on a year-over-year basis by 19 per cent reaching 1,839 new listings in August.
“Our market has experienced a strong rebound as home sales continue to hit record results this summer,” said DRAR President Vicki Sweeney. “There is an increased demand for housing and we’re seeing this activity reflected in the average days on market. In August, the average days on market reached 14 in comparison to the average of 29 days reported in August 2019.”
The average price in Durham Region reached $734,136 a 19.5 per cent increased compared to the same time last year. On a month-over-month basis the average price increased slightly by 3.5 per cent.
The MLS® Home Price Index Composite Benchmark was up by 15.06 per cent in August 2020. The MLS® Home Price Index Composite price in Durham Region reached $653,400. The benchmark price for a detached home in Durham Region reached $706,300 representing a 14.60 per cent increase from last year.
“As we continue to see a demand for home ownership, it is important our policy makers remain focused on bringing more supply to our markets,” said Sweeney. “We have to focus on supply, the economic recovery and low interest rates coupled with the pent-up demand from the spring market will continue to drive sales. In Durham’s Clarington market, days on market reached 11 days with 103 per cent sales to new listing ratio.”
“We hope you have a safe and fun Labour Day Long Weekend.”