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HOUSING MARKET STRONG IN 2014

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HOUSING MARKET STRONG IN 2014

Durham Market Information

DURHAM REGION – The Durham Region Association of REALTORS® (DRAR) reported 484 residential sales in January 2014, up 8 per cent compared to 445 in December 2013 but 4.7 per cent lower than January of last year due in part to lack of inventory. The number of active listings increased 3.5 per cent from 888 in December 2013 to 919 in January 2014.

The average selling price of a re-sale home in the Region was $395,909 for the month of January, an increase of 18.7 per cent compared to $333,652 in January 2013. “The increase of average selling prices will likely continue in 2014 as competition between buyers remains strong,” explained Jane Hurst, President of the Durham Region Association of REALTORS®. “At the same time, mortgage interest rates remain low to provide opportunity for affordable home ownership,” President Hurst added.

“Durham saw a total of $191,619,983 in sales in the month of January. This number is up 13.1 per cent compared to January of last year,” reported President Hurst. “Durham’s housing market is off to a great start with a promising forecast for 2014!”