November 4, 2022
Durham Region Association of REALTORS® (DRAR) President Meredith Kennedy reported 632 residential transactions through the MLS® System in October. Residential transactions in Durham Region declined by 40 per cent when compared to October 2021. Although sales declined on a year-over-year basis, new listings reported in Durham reached 1,183 in October, a 4 per cent increase compared to this time last year.
The average price in Durham Region reached $893,673 in October. The MLS® Home Price Index (HPI) Composite Benchmark was down 2.9 per cent in October at $940,400. Durham Region remains a top marketplace with affordable options for buyers. The benchmark price for a single family detached home in Durham’s Oshawa marketplace was $888,000.
“Although residential sales dropped when compared to October 2021, it is important to note buyers and sellers are adjusting to the recently heightened borrowing costs. Last year, the market experienced an influx of sales and as we adjust, we can expect to see some declines,” stated DRAR President Meredith Kennedy.
New listings in Durham remain strong. Durham Region continues to be an ideal market for homebuyers with a wide variety of home types and diverse neighbourhoods. The average days on market (DOM) was 16 in Durham Region. Last year, the days on market was only 9.
“Real estate transactions are often the largest transactions individuals will experience in their lifetime. There are many moving parts to complete a successful transaction and having a licensed professional assist with the process is imperative. An average of 16 days on market gives buyers and sellers confidence and allows for all of the necessary steps to be adequately completed,” said Kennedy.
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