A Fast Moving Spring Market St. Catharines, ON (March 3rd, 2020) - Residential home sales activity recorded through the MLS® system for The Niagara Association of REALTORS® (NAR) totaled 576 units in February 2020. This was an increase of 35.5% from February 2019.
“The spring market is upon us as we continue in a strong sellers market. With inventory low, Buyers should be prepared to be in competition and will need to move quickly.” Said Deanna Gunter, President of the Niagara Association of REALTORS®.
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 $438,700 in February 2020. This was an increase of 10.5% compared to February 2019.
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 accompanying chart.
REALTORS® listed 813 residential properties in Niagara jurisdiction last month, an increase of 5.4% compared to February 2019. The average days it took to sell a home in February was 40 days, compared to 61 days in February 2019.
Please refer to the accompanying chart for residential market activity in select areas in NAR’s jurisdiction. Note: these statistics now include the Township of West Lincoln.