The spring real estate market has arrived early in Durham, with a burst of new listings on the market, marking a (possibly) more accessible time for homebuyers.
This comes as 2,076 residential transactions were recorded in the Durham Region -- which spans Ajax, Brock, Clarington, Oshawa, Pickering, Scugog, Uxbridge, and Whitby -- in March, a 60% year-over-year growth, from when the initial impact of the pandemic set in and resulted in a significant decrease in activity in the market.
The average selling price for all home types -- which includes detached, semi-detached, condo/townhouses, condo apartments, link, and attached row -- was $901,274 in March.
Detached homes accounted for the majority of the sales last month, with 1,447 transactions recorded and an average price of $989,221.
During this time, the benchmark price in Durham was up 32.83% at $812,500 for all home types, as buyers continued to take advantage of low borrowing costs and the diverse housing markets across the region.
In light of the flurry of activity, new listings also crept up month-over-month, with 2,837 reported in Durham.
Oshawa accounted for the greatest number of sales last month, with 580 properties trading hands, with the average price in this city now sitting at $779,325.
"Throughout the year we have experienced strong growth, and in March we saw our average price in Durham Region cross $900,000 to $901,274. This is huge for Durham Region as [it] has been an under appreciated part of the Greater Toronto Area up until a few years ago," Zain Jafrey, a real estate agent with Re/Max Impact told STOREYS.
"In March we noticed buyers continuing to take advantage of the lower interest rates and various housing options. For families looking to move away from the city, or looking to purchase a property with close proximity to Toronto, Durham Region was, and continues to be their best option for affordable housing around the GTA," said Jafrey
Given how busy March was for Durham real estate, Jafrey believes that the following months will be "just as busy" heading into the later spring and summer months.