DURHAM REGION – The Durham Region Association of REALTORS® (DRAR) reported 948 sales for the month of March. This represents a 26% increase compared to February but sales for the first quarter have fallen 15% compared to the first quarter of 2012. “The spring market is off to a slower start this year due to the low inventory. This will be self correcting as we continue to move into the spring market,” commented Ian Smith, President of the Durham Region Association of REALTORS®.
The inventory of re-sale homes on the market increased significantly in March. DRAR saw 1,508 new listings enter the market, an increase of 30% compared to last month. As of the end of March there were 1,559 re-sale homes available in Durham Region which is still a 15% decline over last year.
The average selling price in March fell slightly to $347,055 compared to $353,114 in February but this month’s average still represents a strong 6% increase compared to this time last year. “We often see minor fluctuations in average price month-to-month but the overall upward trend indicates growth in the Durham real estate market, ” added President Ian 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.