The Durham Region Association of REALTORS® (DRAR) President Vicki Sweeney reported 1,583 residential transactions for the month of July, representing a significant 52 per cent increase from the same time last year.
The number of new listings in Durham Region reached 1,905 in July, a slight increase on a month-over-month basis from June. The days on market saw a large decrease compared to the same time last year from 23 to 16 days on market in July 2020.
“The real estate market in Durham Region is seeing an increase of activity during this summer market. The number of residential transactions increased significantly on a year-over-year basis in July,” said DRAR President Vicki Sweeney. “The average price in Durham Region reached a record high for July at $709, 640. Although the market is busy and many areas are now in Phase 3, REALTORS® are encouraged to continue to practice safe measures and follow health official guidelines.”
The July 2020 MLS® Home Price Index (HPI) Composite Benchmark was up by 12.27 per cent compared to July 2019. The Benchmark price for a single-family detached home in Durham’s Clarington market reached $637,000 in July 2020.
“Sales activity in the market has been very strong. We are seeing an increase of sales consistently and low interest rates,” said Sweeney. “Many buyers are feeling more comfortable with the reopening of the economy in Phase 3.”
The City of Oshawa has been setting building records this summer as economic development in Durham continues to experience strong growth. Oshawa set another building record in June amid the pandemic. Year-to-date construction value issued in Oshawa has already exceeded last year’s total construction value by 8 million, with Oshawa setting yet another building record in June. During the month of June 2020, the City issued 96 building permits for a total of 82.5 million in construction value.
“Durham Region’s economic development has been growing rapidly this past summer. It’s no surprise the City of Oshawa has been setting building records. As the workplace changes, more families and individuals are exploring the Region and moving further East,” said DRAR President Sweeney. “The July housing statistics reflect the demand in the Durham marketplace.”