March 3, 2016
DURHAM REGION, March 3, 2016 – Durham Region Association of REALTORS® (DRAR) President Sandra O’Donohue reported 845 residential transactions in February 2016. “In comparison to February of 2015, we have seen a 16 per cent increase in the number of sales” reported O’Donohue. “In contrast, we have seen a 2 per cent decrease in the number of homes being listed”. There were 1,053 residential homes listed in February 2016, compared to 1,085 in February 2015.
The average selling price in February 2016 was $490,081, a 16.5 per cent increase from February 2015. Homes are selling in an average of 16 days for an average of 102 per cent over asking price. “A decrease in inventory coupled with high demand produces healthy price growth, known as a seller’s market”, explained O’Donohue. “This price growth is intensified by competition between buyers”.
“Assuming similar interest rates and economic environments, we are expecting this trend to continue into the spring market”, commented O’Donohue. “We have witnessed first-hand that demand for homeownership in the Durham Region remains very strong”.
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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(905) 723-7531
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