Real Estate Market Continues Upward Trend

The Durham Region Association of REALTORS® (DRAR) President Vicki Sweeney reported a continuation of year-over-year sales growth in Durham Region. November 2019 reported 872 residential transactions representing a 19.5 per cent increase compared to the same time last year.

“The housing market in Durham Region has seen significant year-over-year sales growth in 2019. The number of new listings in Durham for the month of November was down in comparison to the same time last year and this trend is anticipated as we enter the winter market,” stated Sweeney. “It is encouraging to see the days on market decrease from 27 days in November 2018 to 23 days this past month.”

The average selling price in Durham Region reached $611,872 representing an increase from $590,403 this time last year. The MLS® Home Price Index (HPI) Composite Benchmark increased by 4.87 per cent year-over-year. The MLS® HPI composite benchmark price for a single-family detached home in Durham Region’s Oshawa market reached $515,400 in November 2019.

“Durham Region continues to remain an ideal location for home buyers looking for a variety of housing options and communities. As we see the continued sales growth in Durham, it is important to note the supply needs to meet the demand. In November 2019 the Months of Inventory (MOI) in Durham was 1.6,” said DRAR President Vicki Sweeney.