The Niagara Association of REALTORS® (NAR) reported 676 property sales processed through the NAR Multiple Listing Service (MLS®) System in March 2019. This represents a -0.15% decrease in sales compared to March of last year.
The residential average sale price of $468,487 was 6.92% higher than last March. The average days on market increased from 45 to 46 in the residential freehold market and increased from 62 to 66 in the condominium market.
“Home sales improved a bit in March, although they are still running a little below average,” said Carolyn Bones-Poley, Chief Executive Officer of the Niagara Association of REALTORS®. “Inventories are even more below average, so the market remains on the tighter side of balanced territory, just this side of a sellers’ market. That is why prices have been able to hold onto the gains of the last few years.”
The MLS® Home Price Index (HPI), tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price for the Niagara region was $400,500, up 6% in March 2019 compared to March 2018. The benchmark price for single-family homes was $407,200, up 5.5% on a year-over-year basis in March. By comparison, the benchmark price for townhouse/row units was $332,700, up 8.5% compared to a year earlier while the benchmark apartment price was $284,100, rising 14.9%.