Durham Region ends the year with a 49 per cent increase of residential transactions
The Durham Region Association of REALTORS® (DRAR) President Michael Watson reported 773 residential transactions in December representing a 49 per cent increase from the same time last year in Durham Region. The number of new listings in December reached 624, a 46 per cent increase from December 2019.
The average selling price in Durham Region for all home types increased by 22 per cent from December 2019 reaching $778,037. The MLS® Home Price Index Benchmark price in Durham Region was $703,600.
“It is anticipated to see the market slow down during the winter as many homebuyers and sellers wait for the spring and summer markets,” stated DRAR President Michael Watson. “The number of listings decreased by 40 per cent in December when compared to the number of listings reported in November 2020.”
Durham Region experienced 12,917 residential transactions year-to-date in 2020 representing a significant 21 per cent increase from 2019. Despite the unprecedented year and uncertainty surrounding the economy, Durham Region’s housing market recovered quickly following the initial lockdown announcement and market slowdown in April.
“The strong demand during the spring market pushed a fast recovery for Durham’s housing market. Record residential sales were reported on a monthly basis,” said Watson. “Digital marketing tools and virtual open houses allowed for safe interactions as the demand for homeownership remained strong. Low borrowing costs will continue to fuel the housing market recovery.”
Durham Region remains an ideal location for homebuyers with a wide variety of areas and housing options. It is important to note low inventory will continue to drive competition between buyers. The months of inventory reported in December 2020 was 0.4. The next 12 months will continue to impact the housing market recovery with the slow re-opening of the economy.
“Realtor members of the community are encouraged to continue to practice safe health and safety measures while using virtual marketing tools available to them. As leaders in the community, we must continue to stop the spread of COVID-19.”