DURHAM REGION, June 6, 2016 – Durham Region Association of REALTORS® (DRAR) President Sandra O’Donohue reported 1,445 residential transactions in May 2016. This represents an increase of 8.7 per cent compared to the same period last year. “There is no shortage of buyers in the market today,” stated O’Donohue. In contrast, there were 1,790 new listings in May 2016 compared to 1,851 May 2015; a 3.4 per cent decrease.
“Home prices have shown strong year-over-year increases in the Durham Region,” added O’Donohue. The average selling price in Durham reached $531,051 last month. In comparison, the average selling price was $449,837 during the same period last year. “The 15.3 per cent increase demonstrates a continual upward pressure in pricing.”
Similarly to last month, the continued increase in prices has caused homes to sell faster, selling in an average of 11 days compared to 15 days last year. “This is a healthy economic indicator,” explained O’Donohue. “Durham Region has poised substantial growth in prices and sales demonstrating strong demand dynamics.”