June 5, 2020
The Durham Region Association of REALTORS® (DRAR) President Vicki Sweeney reported 770 residential transactions in May 2020. This represents a 34.5 per cent decrease from the same time last year. Although residential transactions decreased on a year-over-year basis, the decline was less than the 52 per cent decrease of residential transactions reported in April 2020.
The number of new listings in Durham Region was down by 52.4 per cent compared to the same time last year. 1,138 new listings were reported in May 2020, a 28.8 per cent increase compared to the 883 new listings in April 2020.
“COVID-19 and economic concerns continue to impact the housing market but the May results represent substantial increases from the numbers reported in April of this year,” said DRAR President Vicki Sweeney. “As we see the gradual re-opening of the economy, it is likely we will continue to see gradual improvement in the coming months.”
The average selling price in Durham Region reached $651,590 in May 2020, a 4.7 per cent increase compared to the same time last year. On a month-over-month basis the average selling price in Durham Region increased by 6.3 per cent. The MLS® Home Price Index Benchmark price was up 9.27 per cent in Durham Region reaching $615,200 in May 2020.
“As we are moving towards recovery and seeing a gradual re-opening of the economy, it is important as REALTORS® and leaders in the community that we continue to practice public health recommendations and follow the Ontario Real Estate Association’s strict guidelines when showing and listing homes as well as interacting with clients. Durham Region’s housing market experienced an increase of activity in May and with the low borrowing costs this will continue in the coming months. Durham remains an affordable and attractive options for buyers with a variety of communities and housing options.”
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