DURHAM REGION – The Durham Region Association of REALTORS® (DRAR) reported 924 sales in October, up almost 9% from 849 transactions in October of 2012. So far this year there have been a total of 9,152 residential sales in Durham Region, which is down 3% from 9,432 at this time last year.
New listings increased almost 6% from last October with 1,281 re-sale homes entering the Durham market this month. There were 1,536 active listings at the end of October. Since January 2013, Durham has seen a total of 14,368 listings enter the market, which is down 3.7% compared to the same time frame last year.
“The number of sales this year is down 3%, however, our year-to-date dollar volume is up 3%. This is reflective of increased selling prices in Durham Region. In fact, the average selling price for a residential property in Durham is $365,684, up almost 8% compared to last year” reported Ian Smith, DRAR President.
“Durham saw a total of $337,892,452 in sales in the month of October. This number is up 17% compared to October of last year. This is a significant increase in the price that homes are being sold for” explained President Smith.
The Months of Inventory Indicator (MOI) is currently at 1.8 which represents how long (in months) it would take to sell all the active listings if no new listings entered the marketplace. “Any number less than 2.5 would indicate a strong selling market and this is what we are seeing across Durham Region. This mixed with high average sale prices represents a seller’s market” explained 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.