DURHAM – Jane Hurst, President of Durham Region Association of REALTORS® (DRAR) announced that the Region had 947 residential home sales reported in March 2014, a 48 per cent increase from 639 in February of this year. “Sales growth was much stronger in March than it was in the first two months of 2014,” added President Hurst “and we are right on par with where we were last year”.
The average selling price in March was $380,267, up 9.6 per cent compared to the average price of $347,055 reported in March 2013. DRAR saw 1,553 new listings enter the market, an increase of 44.7 per cent compared to 1073 last month. “Along with higher selling prices, overall inventory at the end of March was up almost 3 per cent compared to this time last year” explained President Hurst.
Resale homes in Durham are being sold in an average of 18 days, while it took an average of 21 days this time last year. “The spring market is warming up and not only are we seeing average selling prices rise, but homes are selling faster than they were in comparison to last year” explained President Hurst. “Real estate in the Durham Region has remained a great investment opportunity, and we expect selling prices to maintain their strength well into 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.