DURHAM REGION, August 7, 2014 – Durham Region Association of REALTORS® (DRAR) President Jane Hurst reported strong year-over-year growth for July 2014. Sales were up 12.3 per cent from 988 last year to 1,110 in July 2014. The number of new listings also increased with 1,577 resale homes entering the market in July, up 11 per cent from 1,418 last year.
The average price of resale homes in the Durham Region in the month of July was $395,393. “July’s average price is 8.8 per cent higher than July of last year” stated Hurst. The year-to-date average selling price has reached $389,615. “The 9.7 per cent year-over-year price increase is well above the rate of inflation” explained Hurst.
“Even with the increased average selling prices, we are still seeing strong demand for home ownership throughout the Durham Region” stated Hurst. “Real estate in Durham has remained a great investment opportunity and we expect selling prices to maintain their strength for the remainder of 2014”.
Quentin D’Souza is the Chief Education Officer of the Durham Real Estate Investor Club. Author of The Property Management Toolbox: A How-To Guide for Ontario Real Estate Investors and Landlords and The Ultimate Wealth Strategy: Your Complete Guide to Buying, Fixing, Refinancing, and Renting Real Estate.