July 8, 2019
The President of the Durham Region Association of REALTORS® (DRAR), Tina Sorichetti, announced Durham REALTORS® reported 1,093 residential transactions in June 2019. This represents a significant 19 per cent increase from the 918 transactions in June of 2018. Durham Region saw 2,320 new listings in June, representing a 22 per cent increase compared to June 2018.
Residential transactions and new listings have increased consistently representing significant year-over-year growth. The overall average selling price in Durham Region for the month of June was $620,506, up 2 per cent from $610,728 in June 2018.
“We are continuing to see strong sales growth in this summer market compared to the same time last year” stated Sorichetti. “Buyers continue to benefit from the value and affordable housing types that are available in Durham’s marketplace.”
The MLS® Home Price Index Composite Benchmark was up 1.25 per cent in June 2019. The Benchmark Price for a single-family detached home in Durham was $611,500 last month. Durham Region has a diverse market place that has several different communities and choices for buyers. The Benchmark Price for a townhouse in Clarington was $423,800 in June 2019.
“We are seeing a positive shift in the market and strong year-over-year sale and new listing growth. Buyers are starting to move off of the sidelines and into the marketplace following the adjustment period following the OSFI stress test. It is important to note that affordability and housing supply be considered as more buyers move east. Demand continues to be high in Durham and the supply of housing options needs to be able to match that demand,” said Sorichetti.
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