‘Seller’s market’ continues in Niagara real estate
A for sale sign sits in front of a home in the Hillside neighbourhood. The local housing market is expected to pick up in the next two years, according to the CMHC. Svjetlana Mlinarevic/Daily Herald-Tribune
While Niagara’s house prices continued to climb in April, there were slightly fewer sales compared to a year earlier.
Niagara Association of Realtors statistics published for April show a total of 852 property sales, about 4.9 per cent less than April 2016.
The number of new listings, however, increased with 971 homes being put on the market, compared to 950 last April, said Niagara Association of Realtors chief executive officer Carolyn Bones-Poley, in a media release.
And homes were selling for 37.8 per cent more than they were worth a year earlier, with an average price of $418,950, and they were selling significantly faster.
Condominiums were selling in an average of 25 days, compared to 75 days a year ago, while other residential homes were on the market for 28 days compared to 46 a year earlier.
Although statistics provide a limited picture of the market, association president Randy Mulder said it’s “obvious that residential resale activity across Niagara remains strong, and we continue to experience a seller’s market, with high demand and low inventory.”
Niagara’s biggest increase in value was in Niagara-on-the-lake where house prices increased by more than $343,000 over last April, for an average sale price of $832,942.
April 2017 real estate statistics
Fort Erie: 74 sales, average price $356,263
Grimsby - 46 sales, average price $570,614
Lincoln: 42 sales, average price $474,457
Niagara Falls: 149 sales, average price $424,231
Niagara-on-the-Lake: 40 sales, average price $832,942
Pelham: 27 sales, average price $564,469
Port Colborne/Wainfleet: 40 sales, average price $333,211
St. Catharines: 244 sales, average price $399,501
Thorold: 45 sales, average price $396,396
Welland: 95 sales, average price $316,083