Durham Region Association of REALTORS® (DRAR) President Jane Hurst reported 973 sales through the MLS® System in October 2014. This result represents a 5.3 per cent increase compared to 924 sales in October 2013.
Through January to October, average home prices remained strong with a year-to-date increase of 9.7 per cent compared to the same period last year. “The average price of resale homes in the Durham Region in October 2014 was $393,088, a 7.5 per cent increase in comparison to $365,684 in October 2013” reported Hurst.
“While home prices and sales have risen in comparison to last year, the number of new listings entering the market is 1.2 per cent lower than last year. This means that the demand for resale homes exceeds the number of homes in the market, which creates an ideal seller’s market” explained Hurst. “We expect this trend to continue for the remainder of 2014 and perhaps into the early months of 2015”.
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.