Summer Market continues to find its balance
The Niagara Association of REALTORS® (NAR) reported 615 property sales processed through the NAR Multiple Listing Service (MLS®) system in July. This represents a 5.7% decrease in sales compared to July of last year.
The average days on market increased 38.5% from 26 to 36 in the residential freehold market and decreased 5.1% from 39 to 37 in the condominium market.
The residential average sale price of $400,527 had an increase of 6.6% versus last July while the number of active residential property listings increased by 29.9% versus July 2017. Year to date, residential property transactions total 3,850 v.s. 4,800 for 2017 and 3,556 in 2013. This represents a decrease of 19.8% versus 2017 and an increase of 8.3% 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 36 days to sell is 36.8% lower versus the 57 average days to sell at this time in 2015. The sales price to list price ratio of 98% versus 100% in 2017 remains steady.
“The trend of the market finding its balance v.s. 2016 and 2017 is encouraging. The year to date statistics provide an excellent perspective when evaluating how the market is performing. It is encouraging to see that the residential prices in Niagara have held while overall inventory has increased” 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.