Housing Supply Shortage Slowly Easing - May 2017 Market Report
For the second month in a row The Niagara Association of REALTORS® (NAR) reported a year over year decrease in the number of property sales processed through the NAR Multiple Listing Service (MLS®) system. Across Niagara there were 955 during the month of May 2017 representing a 5.91% decrease in sales compared to May of last year.
Unit sales in Pelham were down by 24.4% dipping from 45 transactions in May 2016 to 34 this year in May. Sales in the City of Welland were up marginally from 108 last year to 109 in May 2017.
The big story is that listing inventory is finally on the rise. This past month there were 1280 new listings put on the market - 19.4% more homes than the 1072 dwellings that were listed for sale in May 2017. As a result we are seeing some easing of the housing supply shortage with the current 'Months of Supply' measure rising to 1.47 compared to last year's 1.16.
We Help You "Find it Local"
As real estate professionals, it our primary goal to provide our clients with the most thorough information possible when it comes to finding a place to live. Each and every day we actively promote the value of our vibrant Niagara lifestyle and demonstrate our deep personal commitment to helping our local communities thrive.
We are both life-long Niagara residents and have been highly successful local REALTORS® since 1988. You can rely on us to help you analyze the Niagara market and its housing trends. Our trusted personal service has allowed us to build our business primarily through repeat customers and referrals from satisfied clients