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Detached Homes in Durham Average Half a Million Dollars

Durham Region Association of REALTORS® (DRAR) President Sandra O’Donohue reported 1,320 residential transactions in May 2015. This result represented a small decrease from 1,334 in May of last year. “There was also a similar decrease in the amount of listings on the market, so sales and listings have remained proportionate in comparison to last year” stated O’Donohue.

The average price of a detached home in Durham Region reached $502,079 in May 2015. In May 2014, detached homes sold for an average of $428,914, which demonstrates a year-over-year increase of over 17 per cent. The average price for all home types in Durham was $449,837 last month, an increase of 15.1 per cent compared to the same period last year.
“Lack of inventory encouraged competition between buyers which puts upward pressure on selling prices,” stated O’Donohue. “We expect similar rates of price growth to continue into the second half of 2015. Borrowing rates help keep home ownership affordable while property values continue to rise, which makes Durham Region a great place to invest”.

Source: DurhamREI News

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