Home Sales Soaring Higher
DURHAM REGION, March 4, 2015 - Durham Region Association of REALTORS® (DRAR) President Sandra O’Donohue reported 728 residential transactions in February 2015. This result is up 13.9 per cent from 639 in February of last year. “Inventory remained almost the same year-over-year with 1,085 new listings entering the market compared to 1,073 in February of last year” reported O’Donohue.
The average selling price in the Durham Region reached $420,718 in February 2015. “The average home price has continued to rise into 2015, representing a 12.8 per cent increase from February 2014” reported O’Donohue. “The driving force behind the higher sale prices is the shortage of inventory compared to the demand of buyers. This trend is what we call a seller’s market” explained O’Donohue. Another indicator of a seller’s market is the amount of time a home spends on the market before it is sold. Homes are selling in an average of 17 days in the Durham Region, which is significantly faster than last year with an average of 23 days on the market.
"There is strong demand for home ownership in the Durham Region which is demonstrated by the higher number of sales and the climbing sale prices,” explained O’Donohue. “Even with the robust price growth, we can see that buyers continue to view home ownership within the Durham Region as a great long-term investment”.