MEDIA RELEASE - Niagara Association of REALTORS® February 2019 Market Report
March 13th, 2019, Niagara – The Niagara Association of REALTORS® (NAR) reported 447 property sales processed through the NAR Multiple Listing Service (MLS®) System in February 2019. This represents a 3.46% decrease in sales compared to February of last year.
The residential average sale price of $454,107 was 15.59% higher than last February. The average days on market increased from 41 to 58 in the residential freehold market and increased from 43 to 44 in the condominium market.
“Home sales moderated again in February and returned to the levels seen one year ago,” said Carolyn Bones-Poley, Chief Executive Officer of the Niagara Association of REALTORS®. “Inventories appear to be stabilizing at levels that are still below-average, so the market remains on the tighter side of balanced. 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 $393,500, up 6.5% in February 2019 compared to February 2018.
The benchmark price for single-family homes was $400,100, up 6.1% on a year-over-year basis in February. By comparison, the benchmark price for townhouse/row units was $324,500, up 7.7% compared to a year earlier while the benchmark apartment price was $282,700, rising 15.7%.
Please refer to the accompanying chart for residential market activity in select areas in NAR’s jurisdiction.
The Niagara Association of REALTORS® (NAR) was established in 2002 after an amalgamation of three area boards including the St. Catharines District Real Estate Board, the Niagara Falls-Fort Erie Real Estate Board and the Welland District Real Estate Board. NAR represents more than 1,225 real estate brokers and sales representatives in Niagara. Members of the Association use the REALTOR® trademark, which identifies them as real estate professionals who subscribe to a strict code of ethics. The Association operates the local MLS® in partnership with surrounding local associations in Southern Ontario. In addition, NAR supports several local, shelter-based organizations including Habitat for Humanity Niagara. Advertisements of local MLS® property listings and information about the services provided by a REALTOR® can be found at www.REALTOR.ca. More information about NAR is available at www.NiagaraREALTOR.ca.