Residential Home Sales Continue to be Stable

Residential home sales activity recorded through the MLS® system for The Niagara Association of REALTORS® (NAR) totaled 710 units in August 2019. This was an increase of 13 per cent from August 2018 and a decrease of 0.7 per cent from July 2019.

“Residential sales data continues to be stable in Niagara,” says Deanna Gunter, President of the Niagara Association of REALTORS®. “This sets a nice foundation for buyers and sellers as we head into the fall market.”

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 $416,900 in August 2019. This was an increase of 6.2 per cent compared to August 2018.

The characteristics of the HPI composite benchmark is a home between the age of 51 to 99 with three bedrooms and two bathrooms. A full list can be found in the chart below.

REALTORS® listed 1052 residential properties in Niagara jurisdiction last month, a decrease of 1.1 per cent compared to August 2018 and a 13.1 per cent decrease from July 2019. The average days it took to sell a home in August was 38 days, compared to 42 days in August 2018.

Please refer to the accompanying chart for residential market activity in select areas in NAR’s jurisdiction.