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Durham Home Sales Up in May

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I started coming to Durham REI meetings 8 years ago, and thought it was a good networking spot, but I wasn’t sure how much I would learn. It is truly the highlight of my month! I get education, networking, and hearing speaker’s new ideas and thoughts. Last year, I bought 3 properties by December, as I had people at Durham REI meetings tell me a hadn’t bought in a while. I recommend attending DurhamREI meetings, all the time.

Michael DominguezInvestor and RealtorWhitby, Ontario

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Durham Home Sales Up in May

Durham Market Information

Durham Region Association of REALTORS® (DRAR) President Jane Hurst announced that the number of home sales is up strongly in May compared to a year ago. “Last year there were 1,179 resale homes sold in the Durham Region. This year, we have seen an increase of 13 per cent to 1,334 sales.” reported Hurst.

The average selling price for a home in Durham Region was $390,679, up 9.3 per cent from $357,386 in May 2013. “Across the Region, we saw average selling prices range from $270,888 in Brock, $303,756 in Oshawa, $342,376 in Clarington, $425,503 in Ajax, $426,579 in Whitby, $433,094 in Scugog, $486,768 in Pickering and $565,710 in Uxbridge” added Hurst. “The spring market is when we usually see the highest average selling prices, however, selling prices have remained steady since January, so I think we will see this trend continue into the second half of the year” explained Hurst.

Inventory was up 9.5 per cent compared to April 2014 with 1,872 new listings entering the market in the month of May. “With the increase in inventory, more choices were available to buyers. That, combined with low borrowing costs, has prompted a strong housing market in the Durham Region” explained Hurst.