Durham Region, February 6, 2012 – The 2012 re-sale housing market in Durham Region is off to a promising start with 582 resale homes changing hands in January compared to 517 in December.
The number of active listings fell 12% to 1,415 available re-sale homes in January in contrast to 1,592 in December. The Months of Inventory indicator (MOI) is currently at 2.5 in Durham Region which means that it would take 2.5 months to sell every home that is currently listed for sale (assuming no additional homes were listed). “This is a new indicator that we are tracking to watch for trends in 2012 and is calculated by taking the average number of listings over the past 12 months divided by the average number of sales over the same period. An increase in the MOI would indicate a trend towards a buyers market while a decrease would indicate a trend towards a sellers market,” explained Christine Marquis, President of the Durham Region Association of REALTORS®. Market conditions in Whitby and Ajax are especially active with a Months of Inventory Indicator of less than two.
The average selling price of a re-sale home in the Region was $318,668 for the month of January, an increase of 2% from December.
“Consumer confidence continues to be high and low borrowing rates continue to make homes in the Durham Region affordable. As long as our economy remains on its path to recovery, the outlook for the 2012 housing market is very positive,” expressed President Marquis.
A strong economy depends on preserving the investment people have made in their homes by protecting the ability to freely own, use, buy and sell real property. Durham REALTORS® are committed to protecting their clients’ investments because it contributes to the quality of life in Durham Region.