Durham Region Association of REALTORS® (DRAR) President Michael Watson reported 1,104 residential transactions in July 2021 representing a 30 per cent decrease from the same time last year. The number of new listings reported in July reached 1,280, a decrease compared to July 2020. On a month-over-month basis sales were down 22 per cent from June 2021.
The average selling price in Durham Region was $910,197 in July with houses staying on the market for an average of 11 days. The average selling price decreased slightly on a month-over-month basis from $917,267 reported in June.
“There is an increase of 28 per cent in average selling price in the Durham Region when compared to the price reported in July last year same time,” said Michael Watson. “We are seeing this decline in residential transactions due to inadequate new listings in the market.”
The MLS® Home Price Index composite benchmark price in Durham Region was $844,500 a 31 per cent increase from July 2020. The benchmark price for a single family detached house in Durham was $919,100 in July. In Durham Region’s popular Uxbridge market, the benchmark price for a detached home was $1,188,800 a double-digit increase compared to the same time last year.
“The increase of home sales is a consistent trend in the Durham region; however, we are seeing more and more people move to different regions within Ontario now that we are in Stage 3 of the Roadmap to Reopen,” said Watson. Durham Region is reporting significant numbers each month and setting records since the beginning of 2021 in sales making it a popular location for home buyers.”
As the province has permitted open houses, we encourage REALTORS® to tread with caution and remain diligent following health and safety guidelines. As a member service organization and community leader, we want to ensure that everyone remains safe and fulfill their business transactions with utmost precautions.
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