Continued good news for homeowners in Durham Region:
The Durham Region Association of REALTORS® (DRAR) President Vicki Sweeney reported 586 residential transactions in January 2020 representing a 15 per cent increase from the same time last year. The month of January reported 944 new listings, a significant increase from 428 new listings reported in December 2019.
“The average sale price in Durham Region reached $655,781 in January, a 13 per cent increase from the same time last year. Durham Region continues to experience strong growth and is experiencing a very steady market. Days on market increased slightly from the same time last month reaching 34 days on market in January,” said Sweeney.
The MLS® Home Price Index (HPI) Composite Benchmark price was up 6.80 per cent compared to January 2019. The Composite Benchmark price in Durham Region in January was $583,000. All areas of Durham Region’s housing markets experienced HPI Composite Benchmark price increases with Oshawa’s market showing the strongest increase by 8.90 per cent. According to the Toronto Regional Real Estate Board’s Market Year in Review & Outlook Report, Oshawa is among the top destinations for millennial and generation Xers’ looking for affordable homeownership.
“It is important to note Month of Inventory (MOI) for January 2020 was 1.5 months. Inventory is an important measure to balance sales and the supply of listings, MOI indicates how long it will take to liquidate inventory at the current rate of sales. In January 2019, the months of inventory in Durham was 2.7 months representing a stronger market,” stated Sweeney.
Clarington, one of the fastest-growing municipalities within Durham Region, experienced a 5.68 per cent HPI Composite Benchmark price increase in January with a Composite Benchmark price of $522,900. As Durham Region continues to experience growth, adequate transportation methods are imperative. The recent opening of the Highway 407 East extension to the 35/115 Highway and the 418-freeway linking Highway 401 and the 407 has brought valuable transportation options for commuters in Durham Region. The Lakeshore East line extension has been a highly anticipated project and DRAR has been advocating for the preferred route choice for the project.
“Durham Region needs frequent, reliable transit to serve the growing population. Most importantly, we need to continue to advocate for the option that will best serve the region while bringing job creation, housing, and mixed-use development,” said DRAR President Vicki Sweeney.