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.