August 17, 2015
Durham Region Association of REALTORS® (DRAR) President Sandra O’Donohue reported 1,193 residential transactions in July 2015.This represents an increase of 7.4 per cent compared to the same period last year. There were 1,511 new listings in July 2015 compared to 1,577 July 2014 a 4.7 per cent decrease.
“The steady increase in price would be explained by the low inventory. Homes are generally selling quickly because there is less selection making it a seller’s market, explained O’Donohue. The average selling price of a home in Durham reached $448,048 in July 2015. In comparison, the average selling price was $395,393 during the same period last year. “The year-over-year price increase of 13.5 per cent represents the willingness of buyers around the region,” explained O’Donohue.
An increase in sales and prices also means that homes are selling faster than they were last year. Homes in Durham are selling in an average of 18 days, compared to 20 days last year.
Durham REALTORS®, We Work Where You Live. To contact a local Durham Association REALTOR® or to search for a weekend open house or listings in your neighbourhood, please visit www.DurhamRealEstate.org
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