Price Growth Continued in November

DURHAM REGION, December 8, 2014 – Durham Region Association of REALTORS® (DRAR) President Jane Hurst reported 740 sales through the MLS® System in November 2014. This result represents a 2.8 per cent increase compared to 720 sales in November 2013. Through the first 11 months of the year, 10,367 residential sales were reported, up 5 per cent compared to 9,872 over the same period last year.
The average selling price for November transactions was up 9.7 per cent year-over-year to $404,196. The year-to-date average selling price was also up by 9.7 per cent bringing the average price for the first 11 months of 2014 to $392,027.
“The strong average price growth experienced throughout 2014 has been consistent with a higher demand for homes than the market could supply. We have also seen strong competition between buyers which puts upward pressure on selling prices. Unless there is a substantial change in the relationship between sales and listings, we expect to see this trend continue into the early months of 2015” said Hurst.