Durham Housing Market Off To Strong Start in 2022
DURHAM REGION, February 2, 2022 – The Durham Region housing market is off to a strong start in 2022 despite a bitter Canadian January. Continued lockdown restrictions hampered Open Houses and many other traditional industry selling resources but we are encouraged by our REALTORS® continued creativity when it comes to utilizing virtual and digital media platforms to showcase their clients properties.
Durham Region Association of REALTORS® (DRAR) President Meredith Kennedy reported 609 residential transactions in January 2022. Although down from a record breaking January 2021, it shows an 18.7% increase in the average of the previous 6 Januarys. “It is encouraging to see robust sales to start the New Year,” said Kennedy, “We anticipate these strong sales to continue throughout 2022 as 874 new listings show an increase of 55% from December 2021.
The average selling price in Durham Region for January was $1,175,010. Although an increase from the previous year, Durham continues to rank the most affordable region in the GTA to buy a home. The average days on market for January reached just 7 days. A remarkable change from 14 days in 2016.
“An increase in January transactions on a year-over-year basis is a positive sign for the year to come. The past year was a year of unpredictability and incredibly low Bank of Canada interest rates. It is forecasted that 2022 is calling for strong home sales in the Region with the average selling price expected to hit a new record.” stated the DRAR President.
If you would like a free evaluation on your home, give the Anderson Bruni Real Estate Team a call at 289-278-3197 or fill out our contact form here below.
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