DURHAM REGION November 5, 2010 – The Durham Region Association of REALTORS® (DRAR) reported 688 sales in October 2010, a decline of 20% against the 860 sales that were reported in October of 2009. Year-to-date, sales of 8,167 come in 2% higher than the same period last year.
“It is in no way strange to see this type of downward trend in sales considering the record level of sales that were experienced in the first quarter of the year. As noted by the year-to-date totals, the market remains on track and is performing remarkably well in balancing itself out,” commented Dierdre Mullen, President of the Durham Region Association of REALTORS®.
The average selling price for a Durham resale home in October was $302,490, an increase of 4.7% compared to the $289,003 average for October 2009. The year-to-date average transaction price of $300,422 is 8.4% higher than the 2009 average of $277,243 recorded YTD last October.
“By observing the continued steady growth of the average selling price, we can clearly recognize a healthy housing market being maintained in Durham. If there was an imbalance in availability, sales or lending rates, the average selling price would reflect that. Right now, homes remain affordable and the market remains competitive.”
