Durham region reported a record number of sales in 2015. “There were 11,848 residential transactions in 2015, 9.3 per cent higher than the number of sales in 2014”. This result includes 548 sales that took place in December 2015. The number of new listings was only up three per cent in 2015 compared to 2014 as a whole. The high number of sales compared to a lower number of listings created a substantial amount demand within the market.
In addition to rising sales, Durham experienced a strong increase in price growth. The average selling price for Durham Region in 2015 was $442,082. This represents a 12.9 per cent increase from $391,692 in 2014. The average selling price for the month of December 2015 was $451,671.
This year, we have seen a steady increase in price and sales growth. Competition between buyers and low interest rates have resulted in upward pressure on sale prices. This is evidence that the demand for home ownership in Durham Region has remained strong throughout 2015.