DURHAM REGION, May 3, 2013 – The Durham Region Association of REALTORS® (DRAR) reported a 27% increase in sales for April with 1,204 homes sold compared to 948 in March. “This figure still represents a 10% decrease from this time last year, but that gap is becoming narrower each month. If this trend continues I think we’ll surpass last year’s sales numbers,” added President Ian Smith.
Market inventory shot up by 19% in April with 1,793 new listings during the month. The end of month inventory was also up by 9% compared to March with 1,694 active listings. “We’re still down by 10% over last year in this area as well, but I’m not too concerned because the numbers are heading in the right direction. It’s a very promising spring market now that buyers have more choices, ” reported Smith.
The average selling price in Durham climbed to $357,638, an increase of 3% since March and 6% over this time last year. “Generally speaking these increases are modest but consistent and this speaks to the stability of the Durham real estate market. Sellers are getting a fair price for their homes and buyers are getting great value for their money knowing that their home value will continue to rise over the coming years,” added Smith.
Quentin D’Souza is the Chief Education Officer of the Durham Real Estate Investor Club. Author of The Property Management Toolbox: A How-To Guide for Ontario Real Estate Investors and Landlords and The Ultimate Wealth Strategy: Your Complete Guide to Buying, Fixing, Refinancing, and Renting Real Estate.