Detached home sales on the rise in Durham Region and the GTA
Published June 1, 2023 at 11:58 am
Detached homes continue to be one of the most popular options for buyers in 2023 in the GTA and especially in Durham Region where sales were up 104.6 per cent from January to March this year.
In fact, five of the seven regions surveyed by real estate broker Zoocasa, which analyzed average detached home prices, sales, new listings and buying conditions between January 2023 and March 2023, saw sales numbers more than double in those two months, led by Peel Region were sales jumped 132.37 per cent.
For new listings, Durham Region was number one, with new listings increasing from 529 in January to 844 in March, a 59.55 per cent increase.
Average home prices are on the rise as well, with that number climbing from $977,662 in January to $1,036,809 in March. That’s a 6.05 per cent jump, which trails only Toronto (14.95 per cent) and Halton (14.46 per cent), with those two regions enjoying massive sale price increases.
A sales-to-new-listings ratio in Durham that was second (63 per cent) in March to Halton (66 per cent) but first in January at 49 per cent means it is considered a seller’s market here, as it is in four of the seven regions. The other three are considered ‘balanced.’
As interest rates have settled and buyers have had greater confidence in getting into the market, prices are continuing to creep up. Sales increased by five per cent across the seven regions month-over-month from March to April, while the average price grew from $1,468,651 to $1,489,258. With minimal supply available, it’s likely prices will continue to increase.