DURHAM REGION, May 6, 2016 – Durham Region Association of REALTORS® (DRAR) President Sandra O’Donohue reported 1,322 residential transactions in April 2016. This represents an increase of 0.5 per cent compared to the same period last year. “Continued high demand has produced healthy price growth within Durham Region,” stated O’Donohue. There were 1,603 new listings in April 2016 compared to 1,816 April 2015; an 11.7 per cent decrease.
“Average prices are continuing to rise to record levels, which in effect is encouraging competition between buyers,” added O’Donohue. The average selling price in Durham reached $520,199 last month. In comparison, the average selling price was $440,151 during the same period last year. “The year-over-year price increase of 18.1 per cent demonstrates the upward pressure in pricing.”
An increase in prices also means that homes are selling faster than they were last year. Homes in Durham are selling in an average of 11 days, compared to 15 days last year. “This market is representative of the willingness of buyers around the region,” explained O’Donohue. “The low interest rates help keep home ownership affordable while property values continue to rise, making Durham Region a great place to invest.”