Durham experienced 56 per cent increase of residential transactions in September

Durham experienced 56 per cent increase of residential transactions in September

The Durham Region Association of REALTORS® (DRAR) has
reported 1,492 residential transactions in September 2020. The number of transactions reported in September represents a substantial 56 per cent increase from the same time last year.

The number of new listings in Durham Region reached 1,873, a slight increase from the 1,839 report in August. Durham Region continues to see record lows for days on market with an average of 12 days on market reported in September.

As we enter the fall market, we are continuing to see an active housing market in Durham Region. The average price in Durham reached $734,038 in September a significant 20 per cent increase from September 2019. The September 2020 MLS® Home Price Index Composite Benchmark was up 17.07 per cent year-over-year. The Composite Benchmark price was $666,500 in September 2020.

Extremely low borrowing costs and pent-up demand from the early spring shutdown, has resulted in substantial year-over-year increases in Durham’s housing market. Further improvements in the economy will continue to support strong home sales moving forward. It is important to note, the demand for housing remains strong and increased housing supply is imperative.