DURHAM HOUSING MARKET ON THE RISE

Sales up, prices down
Jun 28, 2011 - 04:30 AM
DURHAM -- Real estate sales in Durham Region were up almost 10 per cent in May compared to April.

Almost 1,040 houses were sold in May 2011 for an average selling price of $316,057, according to the Durham Region Association of Realtors.

Compared to May 2010, sales are up 1.3 per cent.

"Durham Region is becoming more desirable to consumers because it offers affordable family living," said Dierdre Mullen, president of the Durham Region Association of Realtors.

April's sales brought an average price of $321,042, but when looking at historical data, the average price of houses has been increasing steadily over the last five years, with May's average representing an 8.6-per cent increase over the five-year average.

Compared to April, the number of active listings is up by 6.3 per cent to 2,161 -- a 16.8-per cent reduction in the resale inventory over this time last year, which had 2,600 listings.

"Houses are on the market for an average of 29 days and are selling for an average of 98 per cent of list price," Ms. Mullen said. "We expect to see a proportionate increase in the number of available listings and sales through the early summer."