DURHAM REGION, January 6, 2022– The Durham Region Association of REALTORS® (DRAR) President Meredith Kennedy reported 671 homes sales in December and an overall 14,717 residential transactions in 2021, a record breaking 13.9% increase from the previous high for all of 2020.
The average selling price in Durham Region for all home types increased by almost 33% per cent from December 2020 reaching $1,033,032. The MLS® Home Price Index Composite Benchmark price in Durham Region was $1,002,600 (42.33%), the highest percentage in the GTA
“We generally see a decline in transactions as we enter the winter months especially with the holidays. The 2021 record breaking sales in Durham are a true testament to the strength of the local economy and desirability to settle in the region.” commented DRAR President Meredith Kennedy
The average price per home has risen an astounding 80.9% in Durham Region since 2016 with almost every area boasting inventory of detached homes in excess of $1 Million. Despite the unprecedented last couple of years and continued hits to the economy due to COVID-19 restrictions, Durham Region’s housing market has remained strong.
“The strong demand during the summer market made for a strong push for Durham’s housing market and record residential sales were reported in almost every month,” said Kennedy. “Durham REALTORS® continue to adapt to and embrace digital marketing tools and virtual open houses to conduct business. Low borrowing costs will continue to fuel the housing market recovery.”
“As we embark on a New Year, I’d like to take this opportunity to wish everyone good health and prosperity in 2022.” said DRAR President Kennedy, “REALTOR® members of the community are encouraged to continue to practice safe health and safety measures while using virtual marketing tools available to them. As leaders in the community, we must continue to stop the spread of COVID-19.”