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Increased Average Home Prices in Durham Region

DURHAM REGION, April 7, 2015 – Durham Region Association of REALTORS® (DRAR) President Sandra O’Donohue reported 1,086 residential transactions in March 2015. This resulted in an increase of 14.7 per cent from 947 in March of last year. “The number of sales increased significantly year-over-year, however, we are still seeing less inventory compared to the same period last year” reported O’Donohue. Durham saw 1,527 new listings enter the market in March 2015 compared to 1,553 in March 2014. “This makes for competition between buyers and drives home prices up” explained O’Donohue.

The average selling price in the Durham Region reached $430,291 in March 2015. In March 2014, the average price of a home in the Durham Region was $380,267.  “Low interest rates are keeping home ownership affordable even with the rise in home prices” explained O’Donohue. Average price growth was strongest for townhouses in the Durham Region, at 15.3 per cent compared to the same period last year.
Competition between buyers has also had an effect on the sale price over list price percentage. “We have seen homes sell for an average of 101 per cent of the asking price. This is a factor that is driving prices up across the Durham Region, and is an indicator of a strong seller’s market,” explained O’Donohue. In March of last year, the average home sold for 99 per cent of its asking price.
“Durham is still experiencing a seller’s market. However, low borrowing rates are keeping home ownership affordable” explained O’Donohue. “Buyers continue to view home ownership within the Durham Region as a great long-term investment”.

Source: DurhamREI News

About the Author Quentin DSouza

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. And a Real Estate Investment Coach details at Real Estate Mastermind and Coaching.

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