Spring Market Has Sprung in Durham Region

DURHAM REGION, April 5, 2012 – “Durham Region saw 1,179 re-sale homes change hands in March an increase of 28% or 331 more sales than February. Oshawa and Whitby had the most sales in March with 278 and 261 respectively. So far this year there have been 2,573 sales – a very promising number for the first quarter”, reported Christine Marquis, President of the Durham Region Association of REALTORS®.

At the end of March the inventory of homes available for re-sale had increased by 10% to 1,932 compared to 1,745 at the end of February.

“The average selling price of a re-sale home for the Region saw modest gains of 1.5% in March to $330,481. The year-to-date average selling price for Durham Region now sits at $325,933. Uxbridge had the highest average selling price in the Region for the month at $464,642”, added Marquis.

The Months of Inventory indicator (MOI) has fallen slightly to 2.4 for the Region which means that it would take 2.4 months to sell every home that is currently listed for sale (assuming no additional homes were listed). The tightest market conditions are currently being seen in Whitby with a 1.8 MOI.