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DURHAM REGION, April 11, 2016 – Durham Region Association of REALTORS® (DRAR) President Sandra O’Donohue reported 1,166 residential transactions in March 2016.
"Compared to March of 2015, we have seen a 7 per cent increase in the number of sales," reported O'Donohue. "To contrast, we have seen a 3 per cent decrease in the number of new listings." There were 1,474 residential homes listed in March 2016, compared to 1,527 in March 2015.
The average selling price in March 2016 was $489,755, a 13.8 per cent increase from March 2015.
"A decrease in inventory coupled with high demand produces healthy price growth, continuing our Seller's market", explained O'Donohue. "This price growth is intensified by competition between Buyers for the limited inventory).
"Similar interest rates and economic environment are causing this trend to continue", said O'Donohue. "There continues to be a strong demand for home ownership in Durham Region."