DURHAM REGION, January 7, 2015 – Durham Region Association of REALTORS® (DRAR) President Sandra O’Donohue reported 10,841 residential sales through the MLS® System in 2014, including 478 in December. The 2014 sales result represents a 5.1 per cent increase compared to 10,312 sales in 2013. “Historically, this is the highest number of sales that the Region has seen” commented O’Donohue.
“Along with a record high number of sales, we have also seen average selling prices soar in 2014” added O’Donohue. The calendar year 2013 saw an average selling price of $357,529, while the average selling price for the calendar year 2014 reached $391,692, an increase of 9.6 per cent. “The average selling price for 2014 also set a record for Durham” added O’Donohue.
“The strong growth experienced throughout 2014 was fuelled by a high demand for homes coupled with a shortage of listings. That, together with low borrowing rates created a market suited for sellers with high competition between buyers. The 2014 sales figures are evidence to the importance of home ownership in the eyes of Durham households” said O’Donohue.
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.