December 6th, 2016, Niagara – The Niagara Association of REALTORS® (NAR) reported 703 property sales processed through the NAR Multiple Listing Service (MLS®) system in November. This represents a 17.4% increase in sales over November of last year. The residential average sale price of $337,877 was 27.9% higher than last November.
The average days on market decreased from 56 to 36 in the residential freehold market and decreased from 134 to 56 in the condominium market. “Record-breaking sales continued in November,” said Niagara Association of REALTORS® CEO Carolyn Bones-Poley. Even though the number of new listings is up from last year sales have continued at a fast pace resulting in a low residential inventory at the end of November.
“Prices continue to increase as inventory remains low resulting in a SELLERS MARKET” said Patrick Dummitt, President of the Niagara Association of REALTORS®. My prediction for November was off by about 5% . I thought the increase might have been 22-23%. The increase for November this year over November last year is almost 28%. Niagara is “rockin it”.
Source: Niagara Association of REALTORS® (NAR).