According to the Durham Region Association of Realtors, more listings are needed to keep the market moving:
The Durham Region Association of REALTORS® (DRAR) President Tina Sorichetti reported 1,176 residential transactions in May 2019. This is a substantial increase of 37 per cent over the 859 residential transactions reported the same time last year. In May, residential transactions totaling 1,176 represents the largest amount of transactions reported this year to date.Source: http://durhamrealestate.org/blogEntry.cfm?b=19084
The number of new listings increased by 20 per cent from 1,993 in April of this year to 2,392 in May. Year-over-year new listings were up 6.45 per cent. The average selling price in Durham Region was $622,292 in May 2019 up slightly from the same time last year.
“After a slower start to 2019, it appears the market is experiencing a positive shift. We are now in the summer market which is typically a busier time of year for real estate and the numbers reported this month are reflecting a healthy Durham market. The average days on market was 19 in May with a balanced 49.2 per cent Sales to New Listing Ratio (SNLR),” said DRAR President Tina Sorichetti.
MoneySense recently released their annual report of the Top 35 best cities to buy real estate in Canada for 2019 with Durham Region ranking 21. In Durham, Bowmanville was ranked the top neighbourhood to buy in 2019 with two Oshawa neighbourhoods making the list as well. Bowmanville is thriving with new development boosting its employment and in terms of housing it offers several affordable options for first-time home buyers.
“It is no surprise Durham Region is one of the best cities to buy real estate with Bowmanville ranking a top neighbourhood. Durham not only offers affordable housing options for home buyers but exceptional quality of life. With the continued economic development and more employers like Toyota Canada opening doors in Durham increasing employment, Durham Region truly is one of the best places to live,” stated Sorichetti.