DURHAM REGION – The Durham Region Association of REALTORS® (DRAR) reported a 2% increase in the number of sales in July compared to July of 2012. A total of 988 re-sale homes changed hands this month, bringing the year-to-date sales to 6,511. “We often start to see the market slow a little in summer as many people take vacations, but sales were very strong in July,” commented DRAR President Ian Smith.
New listings were up 1% from last July with 1,418 homes entering the market leaving an inventory of 1,699 available re-sale homes as of the end of the month. Year-to-date inventory is down 6% compared to this time last year.
The average selling price in July was $363,287 which brought the year-to-date average price up slightly to 355,016. This represents a 6% increase over this time last year. “We continue to see the average selling prices rise in Durham Region, but there is still tremendous value for buyers,” commented President 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.