DURHAM REGION, July 7, 2015 – Durham Region Association of REALTORS® (DRAR) President Sandra O’Donohue reported 1,468 residential transactions in June 2015. This represents an increase of 24.9 per cent compared to the same period last year. “Comparatively speaking, there was a significantly smaller increase in the number of listings that entered the market compared to June of last year,” stated O’Donohue. There were 1,796 new listings in June 2015 compared to 1,651 June 2014; an 8.8 per cent increase.
The increase in sales activity also had an effect on the sale prices throughout Durham. “We are still seeing average prices rise to record highs”, added O’Donohue. The average selling price of a home in Durham reached $452,412 in June 2015. In comparison, the average selling price was $395,548 during the same period last year. “The year-over-year price increase of 14.4 per cent represents the willingness of buyers around the region,” explained O’Donohue.
An increase in sales and prices also means that homes are selling faster than they were last year. Homes in Durham are selling in an average of 16 days, compared to 20 days last year. “This market is bustling with sales activity which encourages competition between buyers”, explained O’Donohue. “The low interest rates ensure affordability and as long as these factors persist, we expect the current market trend to continue”.
Source: DurhamREI News