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Durham Real Estate Proves to be a Good Investment

DURHAM REGION, March 8, 2013 –There were 751 re-sale homes sold in February according to the Durham Region Association of REALTORS® (DRAR). Sales have increased 47% since January, but fallen 11% when compared to February of last year.

“The average price of a home in the region continues to climb making real estate in the Region a great investment,” commented Ian Smith, President of the Durham Region Association of REALTORS®. The average selling price in February was $353,114 up almost 6% from January and 7% compared to this time last year. “I think these changes are the result of supply and demand. There continues to be a relatively low inventory of houses on the market,” explained President Smith. “However, in February we saw more people starting to list their homes. New listings for the month were up 9% over last month and active listings have also increased by almost 7%. I think we’ll see this trend continue into spring,” added Smith.

“Overall, the February figures suggest that the market may be heating up a little slower than usual but with the possibility of decreasing mortgage rates on the horizon after the Bank of Montreal’s announcement this week, I think we’re in for a busy spring and summer,” said President Smith.

About the Author Durham REI

The Durham Real Estate Investor club began in 2008. Whether you are just starting your journey, have been investing for a few years, or are a well seasoned real estate investor the Durham Real Estate Investor Club has many benefits to you.

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