DURHAM REGION – Durham Region Association of REALTORS® (DRAR) reported a 19 per cent increase in sales for April with 1,130 homes sold compared to 947 in March. “This figure shows a 6 per cent decrease from this time last year, but has more than doubled since the beginning of the year” stated Jane Hurst, President of DRAR.
Inventory increased 10% from March to April with 1,709 new listings entering the market during the month. “Although slightly lower than last year, this year’s spring market has brought a significant increase in the number of residential listings and sales in contrast to the first three months of the year” added Hurst.
“In line with this year’s market trend, the average selling price remains substantially higher than last year” explained President Hurst. The average selling price for residential homes in the Durham Region was $391,351 in the month of April, up 9.4 per cent compared to April 2013. The year-to-date average selling price is $384,980, which represents a 10 per cent increase compared to the same period last year.
“In April, buyers saw more choice in inventory compared to earlier this year, but home prices are still higher than last year. Until a marked increase in the number of listings is seen, we should expect the price growth to continue” explained President Hurst. “Even with increased average selling prices, Durham Region’s housing market remains affordable and demonstrates great investment opportunities”.
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.