The Vatandoust Sirrs Team Blog
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Real Estate Market Update for December 2018
When all is said and done in Durham region a total of 8,941 homes were sold in 2018. This represents a 19.7 per cent decline compared to the 11,136 residential sales reported in 2017. The market is returning to Normal after the peak that we experienced in early 2017.
The number of new listings in December 2018 were 543, a 23.6 percent decrease from the same time last year
Durham Region saw the average sale price increase to $587,200 in December 2018 for all home types. The average sale price for 2017 was $575,064. This price increase trend started in July of 2018 and remained true for the balance of the year.
Despite the sales volume being lower than the last 3 years the prices seem to be holding up.
Durham Region, especially Clarington is an ideal location for homebuyers due to its diverse neighbourhoods and proximity to major cities and amenities. Durham was named one of the Top 25 Places to Buy Real Estate in Canada in 2018 according to a report released by MoneySense this past year.
In Clarington several projects were announced or began construction in 2018 including the Bowmanville Hospital Redevelopment Project, Bowmanville GO Train Extension, Courtice GO Train Extension with development set to start for the Courtice Go Bus and Park and Ride lots in Courtice. The Highway, 407 East extension, a project to extend the 407 Express Toll Route to Clarington is a significant project underway with Phase 1 already complete.
These projects bring more people to this area where the housing is one of the most affordable in the GTA.
Do you have questions about the real estate market? We'd love to help! Give us a call at 905-448-2921 or reply back to this email.