With 2018 now in the books, it’s time to really have a look back at the Durham Region housing market and assess where it’s home owner’s stand and where industry is headed.
The Durham Region Association or Realtors® reports that there were a total of 8,941 residential transactions in 2018. This is about a 20% decline from the last year. In addition, the common sale price for all homes in 2018 was $587,200, a decline of about 5.4% from 2017 when the common was $628,005.
But the news is not totally all bad. The modest decline may be as a result of hesitation by both sellers and buyers with the governments new mortgage regulations getting into to play. In reality, the end of 2018 actually showed modest growth. The average selling price in November of 2018 was up 2.7% from the same month the last year, sparking some hope of a turnaround and a healthy market for 2019.
The bottom line is that the Durham Region continues to be growing. Our area is near the the top of list when it comes to places to get property in Canada. There is exciting development, in both transit and home building, that making the Durham Region a really attractive place to call home and raise families.
With Fall now entirely swing, going for a go through the housing market right here in the Durham Region real estate gives people a feeling of confidence. Similar to our weather, our market continues it’s strong carry over from the Summer. Although the amount of transactions were down in September from August, the amount of newly listed homes rose 24% in September to 1823 new listings compared to just 1466 the last month. It appears both buyers and sellers remain confident within our healthy housing market.
Another positive sign concerning the continued strong market is the common price indicator. Within the Durham Region, the common sale price for homes reached $587,009, up 0.81% from this time last year. This really is both great news for sellers and buyers alike as not merely does the increase provide positive returns for sellers, but the common sale price continues to help make the Durham Region one of the most attractive and affordable regions of the GTA by which to call home.