Buyers are clearly taking their time before making a purchase and the pace of spring 2018 sales have cooled as a result.
The Niagara Association of REALTORS® (NAR) reported 621 property sales processed through the NAR Multiple Listing Service (MLS®) system in April. This represents a 25.98% decrease in sales compared to April of last year and 0.95% decrease from the sales of 627 in March 2018.
The average days on market increased 84.12% from 19 to 35 in the residential freehold market and increased 48% from 25 to 37 in the condominium market. For the residential freehold market, It is worth noting that the average days on the market in March 2018 was 36 and in February it was 41 – so we are seeing a gradual improvement.
The residential average sale price of $417,121 was 0.34% lower than last April while residential property listings were steady at 979 vs. 973 in April 2017.
“An interesting point in these April statistics is that the number of new listings are holding steady vs. April 2017. Despite the inventory, we are experiencing a longer sales cycle resulting in a decrease in sales for April year over year,” said Stephen Oliver, President of the Niagara Association of REALTORS®.