Let’s Review The Durham Region Real Estate Market Stats For December 2018

More so than past years, the Durham Region real estate market saw a very slow close to the year, but is still showing signs of strength and growth with average home prices rising. Let’s walk through the stats.

 

Slow Month For Sales

As with any year, there is a drop-off in transactions around the holiday season as people are preoccupied with other endeavours. This December, DRAR reported 8,941 transactions in the Durham Region.

 

Year-Over-Year Transactional Comparison

What a difference a year makes. As noted above, December 2018 saw 8,941 real estate transactions. That’s almost a 20% decline from the same time in 2017 which saw 11,136 transactions. This is likely due to the fact that new mortgage rules were coming into effect in January 2018 and lots of buyers were rushing to get into the market ahead of those changes.

 

New Listings Hitting The Market

No surprise here. The number of new listings hitting the Durham Region real estate market in December was substantially lower than December 2017. A 23.6% decrease to be exact, with only 543 new listings in December 2018.

 

Prices Continue To Grow

Prices in 2018 were only down 5.4% from 2017. This is great news for homeowners already in the market! Prices throughout the Durham Region have continued an upward trend and have made a substantial rebound since the peak of the hot market in 2016-2017. The average sale price throughout December 2018 was $587,200 and $593,902 for 2018 as a whole.

 

Finding Affordability In Durham

Brock and Oshawa continue to be the most affordable places in Durham Region while Pickering, Uxbridge and Ajax are holding out in the top of the home value scale. 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.

 

Is one of your 2019 resolutions to get into the Durham Region real estate market? Give us a call today!