Housing Market Getting Hot

DURHAM REGION, May 6, 2015 – Durham Region Association of REALTORS® (DRAR) President Sandra O’Donohue reported 1,315 residential transactions in April 2015. This result represented an increase of 16.4 per cent from 1,130 in April of last year. “In addition to a greater number of sales, we are starting to see more homes listed,” reported O’Donohue. Durham saw 1,816 new listings enter the market in April 2015 compared to 1,709 in April 2014. “This is the most amount of inventory we have seen all year,” stated O’Donohue.

The average selling price in the Durham Region reached $440,151 last month, a 12.5 per cent increase compared to $391,351 in the same period last year. “Buyers are still seeing the value of home ownership,” explained O’Donohue, “ and low interest rates continue to be a factor in determining affordability”.

Homes in Durham are selling in an average of 15 days. “Homes are being listed for more than they were last year and are selling an average of 2 days sooner” reported O’Donohue.

“The housing market continues to gain momentum and we expect this trend to continue into the later months of summer,” stated O’Donohue. “We are seeing evidence of the importance of home ownership and the benefit of investing in the Durham Region”.