Let’s Review The Durham Region Real Estate Market Stats For January 2019
Durham Region Market Report: January 2019 is off to a great start, seeing more homes sold this January than the last. The region is still seeing some changes in the market, so let’s dive in and take a look at the numbers.
Prices Fall Over The Month
Great news for buyers! Durham saw a slight drop in transactions average sale price in comparison to December. This January, TREB reported an average sale price of $577,935 which is down 0.15% from the previous month.
Year-Over-Year Transactional Comparison
What a difference a year makes. As noted above, January 2019 saw 580 units sold. That’s an 8% increase from the same time in 2018 which saw 1470 units sold. This is likely due to the overall trend of market prices going down, which is enticing many people to purchase in the Durham Region.
New Listings Hitting The Market
No surprise here. The number of new listings hitting the Durham Region real estate market in January was substantially higher than January 2018, seeing 1181 new properties listed this past month. A 23.79% increase to be exact, with only 954 new listings in January 2018.
Prices Trending Downward
This month was only down 1.58% from 2018. This is great news for homeowners already in the market and prices throughout the Durham Region have continued an upward trend. Prices have made a substantial rebound since the peak of the hot market in 2016-2017 and the average sale price throughout January 2019 was $577,935.
Finding Affordability In Durham
In conclusion, Brock and Oshawa continue to be the most affordable places in Durham Region. However, Pickering, Uxbridge, and Ajax are holding out in the top of the home value scale. However, one trend that’s consistent throughout is pricing diversity through different home models. So, a condo or townhouse can be a great way to get into the Durham Region real estate market.
Are you looking to take advantage of the current market and purchase a home? Give us a call today!