June Brings a Seller’s Market to Durham Region

DURHAM REGION – The Durham Region Association of REALTORS® reported 1,093 sales for the month of June bringing the sales for the first half of the year to 5,553. This number represents an 8% decline from this time last year.

Average prices in the region continue to rise. The average price of a re-sale home in June was $361,318 which raised the year-to-date average to $353,821 representing a 5.5% increase compared to the first half 2012.

“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 Ian Smith, DRAR President. The month of June saw 1,505 new listings enter the market place and as of the end of the month, there were 1,782 homes for sale. Year-to-date there have been 7% fewer listings on the market compared to last year.

“The real estate market’s slow start is beginning to be offset by steady sales and the increase in average selling prices. The gaps are becoming narrower and I strongly believe the end result will be comparable to the strong markets of previous years,” described President Smith. “If you’ve been thinking about selling your house for a while, now is a great time as rising interest rates will encourage buyers into the market place” he added.