July 12, 2016
Durham Region Association of REALTORS® (DRAR) President Sandra O’Donohue reported 1,471 residential transactions in June 2016. A slight increase compared to the same period last year. “Demand continues to exceed supply,” stated O’Donohue. In contrast, there were 1,755 new listings in June 2016 compared to 1,796 June 2015; a 2.3 per cent decrease.
“Inventory of available homes for sale has continued to increase buyer demand in Durham Region,” added O’Donohue. The average selling price in Durham reached $542,314 last month. In comparison, the average selling price was $452,412 during the same period last year, which is a 15.8 per cent increase.
The overall number of available homes for sale and increasing prices are causing homes to sell in an average of 11 days compared to 16 days last year. “Durham Region has continued to see strong competition,” explained O’Donohue. “This is an indication of consumer demand and, as a result, homes continue to sell quickly.”
The GO Transit’s Lakeshore East extension into Clarington demonstrates much needed attention to the transportation infrastructure in Durham Region. “With ease of use directly impacting commuters, the extension will greatly improve the value of homes and increase demand of properties in our neighbourhoods,” added O’Donohue. “It is inevitable that this will impact real estate and drive growth in Durham Region.”
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