Durham Region Association of REALTORS® (DRAR) President Dennis Roberts reported 846 residential transactions in March 2018. This result was down by 38 percent in comparison to a record 1,349 in March 2017. March 2018 saw the number of new listings in Durham increase to 1,755 a significant 46 percent increase from February 2018. “Following a tough winter as homebuyers adjusted to the new mortgage qualification rules, spring thaw has begun for the Durham market.” Stated Roberts.
The average selling price in Durham reached $598,412 in March, a 12 percent decrease in comparison to the market at this time last year. Last March was the peak of the housing market before the government announced their Fair Housing Plan in April 2017. Looking at the first three months in 2018, we are starting to see the market rebound. We have almost doubled the number of new listings since January. The number of sales in Durham Region is up 846, from 470 in January and the average selling price has also risen to $598,412 from $578,645 in January. Length of time it takes to sell has shortened significantly as well, with days on market at 30 in January now down to only 18 in March. “So we have increased inventory that is now selling faster and on average at a slightly higher price.” Stated Roberts.
Durham Region leads the GTA with the most affordable single-family detached homes according to the March 2018 MLS® Home Price Index. “Homebuyers are recognizing the affordability of Durham Region.” Stated Roberts. Durham also continues to lead the GTA with the most affordable townhouses according to the Benchmark Home Price Index. “Our region offers the best value in the GTA,” said Roberts. “This along with the affordable housing, homebuyers will continue to look east.”
“Homebuyers are recognizing the affordability of Durham and the quality of life it offers,” said Roberts. “Durham has a strong local economy and the ongoing transportation expansion and infrastructure development makes our region accessible and desirable for homebuyers.”