DURHAM REGION, December 8, 2014 – Durham Region Association of REALTORS® (DRAR) President Jane Hurst reported 740 sales through the MLS® System in November 2014. This result represents a 2.8 per cent increase compared to 720 sales in November 2013. Through the first 11 months of the year, 10,367 residential sales were reported, up 5 per cent compared to 9,872 over the same period last year.
The average selling price for November transactions was up 9.7 per cent year-over-year to $404,196. The year-to-date average selling price was also up by 9.7 per cent bringing the average price for the first 11 months of 2014 to $392,027.
“The strong average price growth experienced throughout 2014 has been consistent with a higher demand for homes than the market could supply. We have also seen strong competition between buyers which puts upward pressure on selling prices. Unless there is a substantial change in the relationship between sales and listings, we expect to see this trend continue into the early months of 2015” said 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.