The Niagara Association of REALTORS® (NAR) reported 649 property sales processed through the NAR Multiple Listing Service (MLS®) system in August.
This represents a 2.5% increase in sales compared to August of last year.
The average days on market increased 38.7% from 31 to 43 in the residential freehold market and increased 18.2% from 33 to 39 in the condominium market. The residential average sale price of $416,200 had an increase of 6.4% versus last August while the number of active residential property listings increased by 28.3% versus August 2017.
“The year to date statistics are key when evaluating the market performance. It is encouraging to note that residential home prices continue to hold as do the number of new listings. As the market distances itself from 2017 and 2016 trends, the new normal for our market will continue to emerge “said Stephen Oliver, President of the Niagara Association of REALTORS®. Please refer to the accompanying charts for market activity in select areas in NAR’s jurisdiction.