March Real Estate Numbers Tell Only Half The Story

Looking at the March numbers, we see what the real estate market could look like if it was business as usual:

Durham Region Association of REALTORS® (DRAR) President Vicki Sweeney reported 1,101 residential transactions for the month of March. Despite the increase of residential transactions in Durham Region, the housing market began to experience a shift in mid-March following the outbreak of COVID-19.

The impact of this pandemic on the market in Durham will be evident in the coming months as all levels of government continue to implement measures to flatten the spread of COVID-19.

“During these unprecedented times, it is imperative as a community we follow measures to protect our families, clients and the most vulnerable at this time,” said Sweeney. “REALTORS® have been deemed an essential service during this government shutdown. That does not mean REALTORS® should be operating under the assumption business as usual.”

The MLS® Home Price Index Composite Benchmark price in Durham Region was up by 10.43 per cent in March reaching $608,200. The number of new listings increased to 1,830, a 13 per cent increase from the same time last year.

DRAR is strongly recommending all REALTORS® stop conducting in-person open houses and avoid in-person meetings when possible. The Provincial government has deemed us to be an essential service in order to assist clients who may be in the midst of a transaction, who NEED to buy or sell their homes for a number of reasons that would be deemed necessary

“As a society we are experiencing extraordinary times, changing how we work and live. REALTORS® have been using virtual open houses and tools to assist their clients while keeping the health of everyone involved as the utmost priority,” said Sweeney. “I know collectively we are leaders, involved in supporting our communities through volunteerism and service. It is important to continue this now more than ever.”

Source: http://durhamrealestate.org/blogEntry.cfm?b=21801