The Durham Region Association of REALTORS® (DRAR) President Tina Sorichetti reported 968 residential transactions in October 2019. This result represents a 21 per cent increase year-over-year in Durham. The average selling price remained consistent increasing by 4 per cent from last year to $613,606 in October 2019.
“Durham Region’s housing market remains strong as we see another significant year-over-year sale increase,” said DRAR President Sorichetti. “Month-over-month residential transactions have been increasing in Durham and it is positive to see the continued momentum during the fall market.”
The number of new listings in Durham decreased slightly from the same time last month reaching 1,625 in October 2019. On a month-over-month basis, the days on market (DOM) decreased from an average of 25 days last month to 22 days for October 2019.
“The average days on market has decreased from the previous month which is a great sign for Durham. Houses on the market are moving fast and residential transactions in Durham continue to remain strong. It is typical to see a slight decrease in new listings during the fall market as some sellers may wait until the spring,” stated Sorichetti.
The MLS Home Price Index Composite Benchmark was up 3.69 per cent on a year-over-year basis in October 2019. The Benchmark Composite home price for Durham Region was $571,500 last month. Durham Region has a variety of affordable housing options and home types making it a favourable market for buyers. The Benchmark price for a Townhouse in Durham’s Clarington market reached $437,100.
“During the federal election, some parties committed to more flexibility regarding mortgage lending, including the reintroduction of a 30-year amortization period for insured mortgages and flexibility of the OSFI mortgage stress test application,” said Tina Sorichetti. “We hope to see these and other housing-related policies brought forth in the new minority parliament.