The Following Information was taken from the Durham Region Association of Realtors website and Communications Reports.
The Durham Region Association of REALTORS or DRAR reported that 508 re-sale homes changed hands in January. Sales have increased 23% since December, but fallen 12% when compared to January of last year.
The average price of a home in Durham Region was $333,652 in January up 2% from December and 4.7% compared to this time last year. “Average selling prices continue to rise in Durham Region. The inventory of homes available for sale is lower than we normally see this time of year, but I expect we’ll start to see significantly more homes on the market in February and March,” commented Ian Smith, President of DRAR
In January, 1,056 homes entered the marketplace which is a 7.6% reduction compared to this time last year, but a 10% jump compared to December. The Sales-to-New Listing Ratio, a sign of market balance, sits at 64.3% as of the end of January which is an indication of a SELLERS MARKET .
Just to support that point our office RE/MAX JAZZ has experienced a slight change change with 25 % and 8 % more listings entering the market over the previous 2 weeks, however, the fact remains that have more buyers than we have inventory available for those buyers. In conjunction with the increase in new listings we continue to experience an increase in the number of showings (59% increase in the number of booked showings last week). So yes there is more inventory but we are also seeing more and more buyers entering the market.
For more Information on the current state of the Real Estate market in Durham Region – please contact me:
SCOTT ROY RE/MAX JAZZ Inc. Brokerage 21 Drew Street (905) 728-1600 – Office (905) 435-SELL – Direct email@example.com www.lifeindurham.com