Durham Region experiences 56 per cent increase year-over-year
The Durham Region Association of REALTORS® (DRAR) President Michael Watson reported 1,384 residential transaction in February representing a significant 56 per cent increase year-over-year. Durham Region’s diverse housing market is in high demand as record sales continued in 2021. On a month-over-month comparison, residential transactions increased from 651 in January to 1,384 reported last month.
The number of new listings increased substantially from 945 in January of this year to 1,975 in February. On a year-over-year basis, new listings in Durham increased by 53 per cent. The average selling price for all home types in Durham reached $895,441, a 2 per cent increase from January 2021.
“Durham Region’s housing market continues to report record residential transactions this year,” said President Watson. “It is very encouraging to see a significant increase of new listings last month, more inventory on the market provides more options for potential homebuyers.”
The MLS® Home Price Index Benchmark Price increased by 28.91 per cent reaching $771,700 in Durham Region. The benchmark price for a single-family detached home in Durham reached $834,700. In Clarington, the benchmark price was $780, 800 in February 2021.
“Although we are seeing record sales in Durham Region, it is important to note new inventory is imperative in order to maintain a balanced housing market. The Days on Market (DOM) decreased from 12 days in January to 7 days on market this past month. Buyers are taking advantage of low interest rates and new listings are not staying on the market for long,” said Watson. “The desire for homeownership has remained strong and Durham Region continues to be an attractive market place.”