February 8, 2019
Durham Region Association of REALTORS® (DRAR) President Tina Sorichetti reported 508 residential transactions in January 2019, a 13.90 per cent increase from December 2018. “It is encouraging to see an increase in sales to start the New Year,” said Sorichetti.
The number of new listings increased significantly from this time last month. January saw 1,181 new listings in comparison to 543 for the month of December. This is also a 23.79 per cent increase from the number of new listings in January 2018. Residential transactions not only increased month-over-month but also on a year-over-year basis. The number of home sales in January 2019 increased 8.09 per cent from January 2018.
“An increase in January transactions on a year-over-year basis is a positive sign for the year to come. The past year was a year of change and adjustments to market conditions and mortgage standards, it is forecast 2019 will be a steadier year supported by gradual home sale increases,” stated the DRAR President.
The average selling price in Durham Region for January was $577,935. This represents a slight decrease from the previous month at $587,200. The average days on market for January reached 32, down slightly from the same time last month.
The Ontario government officially launched a review of Real Estate and Business Brokers Act, 2002 (REBBA) last week. This is a huge win for REALTORS® who have fought for a review for the past two years. The market has changed significantly since the last time REBBA was reviewed, and this review will look at several recommendations from the Ontario Real Estate Association (OREA). This is a significant success for Ontario REALTORS® who have advocated for this review to strengthen legislation and ultimately ensure people are better served.
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