DURHAM REGION, March 5, 2014 – Jane Hurst, President of Durham Region Association of REALTORS® (DRAR) announced that the Region had 639 residential home sales reported in February 2014, a 32 per cent increase from 484 in January of this year.
The average selling price in February was $372,878, up 5.6 per cent compared to the average price of $353,114 reported in February 2013. Average sale prices did fall slightly from $395,909 last month but “fluctuations in sale prices are expected and real estate in the Durham Region remains a good investment as average selling prices are still strong,” explained President Hurst.
The inventory of re-sale homes on the market increased significantly in February. DRAR saw 1,073 new listings enter the market, an increase of 24.9 per cent compared to 859 last month. “Even with inclement weather, we have seen an increase in homes entering the market, and they are being sold in an average of 23 days,” President Hurst reported. At this time last year, it took an average of 25 days to sell a home, while last month it took an average of 30 days. “Despite below freezing temperatures, the housing market is beginning to thaw with the spring market fast approaching” added President Hurst.