The Niagara Association of REALTORS® (NAR) reported 374 property sales processed through the NAR Multiple Listing Service (MLS®) system in December.
This represents a 7.2% decrease in sales compared to December of last year. In the residential freehold market, the average days on market were even to last year at 43.
There was however an increase of 29.0% from 31 to 40 days in the condominium market from this time last year. The residential average sale price of $402,813 had an increase of 4.3% versus last December while the number of active residential property listings increased by 22.0% versus December 2017. Year to date, residential property transactions total 6,429 v.s. 7,289 for 2017 and 5,809 in 2013. This represents a decrease of 11.8% versus 2017 and an increase of 10.7% versus 2013.
Despite the trend of an increase in the average days to sell v.s 2017, it is worth noting that the current average of 38 days to sell is 32.1% lower versus the 56 average days to sell at this time in 2015. The sales price to list price ratio of 97.8% versus 99.1% in 2017 remains relatively steady.
“As 2018 comes to a close, the year to date statistics continue to illustrate the more balanced approach the market has taken. Each municipality within our region has variety of unique price and market conditions.
Local Niagara REALTORS® have the expertise to assist buyers and sellers with one of the biggest decisions they will make .” said Carolyn Bones-Poley, Chief Executive Officer of the Niagara Association of REALTORS®. Please refer to the accompanying charts for market activity in select areas in NAR’s jurisdiction.