House Prices Holding Despite Slowdown in Market Activity
Year to date, residential property transactions total 4,447 v.s. 5,381 for 2017 and 4,079 in 2013. This represents a decrease of 17.4% versus 2017 and an increase of 9.0% 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 37 days to sell is 33.9% lower versus the 56 average days to sell at this time in 2015.
The sales price to list price ratio of 97.9% versus 100% in 2017 is remains relatively steady.
As the market distances itself from 2017 and 2016 trends, the new normal for our market will continue to emerge “said Stephen Oliver, President of the Niagara Association of REALTORS®.
“The year to date statistics are key when evaluating the market performance. It is encouraging to note that residential home prices continue to hold as do the number of new listings.
The Niagara Association of REALTORS® (NAR) reported 649 property sales processed through the NAR Multiple Listing Service (MLS®) system in August. This represents a 2.5% increase in sales compared to August of last year.
The residential average sale price of $416,200 had an increase of 6.4% versus last August while the number of active residential property listings increased by 28.3% versus August 2017.
The average days on market increased 38.7% from 31 to 43 in the residential freehold market and increased 18.2% from 33 to 39 in the condominium market.
Please refer to the accompanying charts for market activity in select areas in NAR’s jurisdiction.