Home Prices Continue to Rise in Durham Region

DURHAM REGION, February 6, 2013 –The Durham Region Association of REALTORS® (DRAR) reported 508 re-sale homes changed hands in January. Sales have increased 23% since December, but fallen 12% when compared to January of last year.

The average price of a home in the region was $333,652 in January up 2% from December and 4.7% compared to this time last year. “Average selling prices continue to rise in Durham Region. The inventory of homes available for sale is lower than we normally see this time of year, but I expect we’ll start to see significantly more homes on the market in February and March,” commented Ian Smith, President of the Durham Region Association of REALTORS®.

In January, 1,056 homes entered the marketplace which is a 7.6% reduction compared to this time last year, but a 10% jump compared to December. The Sales-to-New Listing Ratio, a sign of market balance, sits at 64.3% as of the end of January which is an indication of a seller’s market.