Durham Region Association of REALTORS® (DRAR) President Michael Watson reported 1,771 residential transactions in April. This represents a record-breaking year-over-year increase when compared to April 2020. Last year at this time was the first full month of the pandemic and the impact on the housing market should be taken into consideration.
New listings in Durham Region reached 2,336, a significant year-over-year increase but on a monthly basis this represents an 18 per cent decrease when compared to March. Residential transactions also decreased on a month-over-month basis by 15 per cent in April. The average selling price in Durham Region was $897,741 in April, a slight decrease from the $901,274 average reported in March.
“Durham Region’s spring market is still very busy with significant numbers reported each month. Durham is setting records for new listings and sales and remains a popular location for home buyers,” said President Michael Watson.
The City of Oshawa was recently ranked as one of the top communities in Canada, Ontario and Durham Region in the Maclean’s Best Communities in Canada 2021 report. Oshawa placed 34th out of 415 as one of the best communities across Canada, and ranked 13th in Ontario. The ranking also revealed Oshawa as the #1 community across Durham Region.
The MLS® Home Price Index Benchmark Price for Durham Region was $820,700 in April a 33.45 per cent increase when compared to the same time last year. The Benchmark Price for a single-family detached home in Durham was $731,500. The average days on market reported in April was 9 days.
Although the market slowed down a month-over-month basis when compared to the record sales reported in March, demand remains strong with housing prices expected to continue to grow. As we are currently in a Province lockdown, we may experience another significant increase during the summer market.