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.
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.