People are getting out of their home and into their next one:
The Durham Region Association of REALTORS® (DRAR) President Vicki Sweeney reported 1,281 residential transactions in June 2020 representing a substantial 66 per cent increase from May. Residential transactions in Durham Region increased on a year-over-year basis as well by 17 per cent in June 2020.
The number of new listings in Durham reached 1,857 in June 2020 representing a 63 per cent increase from the previous month. On a year-over-year basis, listings were down by 20 per cent when compared to the 2,320 listings reported in June 2019.
“Following movement to reopen the economy and Durham Region entering Phase Two, the housing market experienced significant increases on month-over-month and year-over-year basis,” said DRAR President Vicki Sweeney. “The increase in activity is a very positive result for Durham as home sales results in significant spin-off business. The housing market is an important driver of overall economic recovery.”
The average selling price in Durham reached $685,655, a 10 per cent increase from June 2019. On a month-over-month basis, the average price increased by 5 per cent. The MLS® Home Price Index Composite Benchmark was up 8.05 per cent on a year-over-year basis in June 2020. The benchmark price for all home types in Durham was $613,100.
When recently discussing the Region’s strategic plan, Durham Regional Chair and Chief Executive Officer John Henry stated: “Durham is more vibrant, more diverse, and growing faster than just about any place in this province. In the next five years, Durham will become the best place in Ontario to live and work. This new strategic plan maps out the next phase in our journey and exemplifies why Durham is—simply—more.”
As more individuals and families move further East, Durham will continue to be a top option with its diverse market and affordable options. In June 2020 the average days-on-market reached 15 days, one of the lowest results in 2020 thus far.