Average Selling Prices On the Rise in Durham Region

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.