For immediate release
Niagara Region home sales rise despite declining supply
St. Catharines, ON (January 3rd, 2020) - Residential home sales activity recorded through the MLS® system for The Niagara Association of REALTORS® (NAR) totaled 359 units in December 2019. This was an increase of 1.4% from December 2018.
On an annual basis, home sales totaled 6,002 units over the course of 2019, climbing 7.3% from the same period in 2018.
“Niagara region home sales managed a year-over-year increase in December despite very tight supply,” said Deanna Gunter, President of the Niagara Association of REALTORS®. “It is an increasingly challenging market for buyers. Multiple Offers and another year of increasing prices seems likely in 2020.”
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 $431,500 in December 2019, up 9.1% compared to December 2018.
The benchmark price for single-family homes was $439,200, also up 9.1% on a year-over-year basis in December. By comparison, the benchmark price for townhouse/row units was $362,000, rising 12.9% compared to a year earlier while the benchmark apartment price was $298,800, rising 7.1%.
The average price of homes sold in December 2019 was a record $473,278, surging 20.7% from December 2018. The more comprehensive annual average price was $443,086, up 9.8% from all of 2018.
The dollar value of all home sales in December 2019 was $146.7 million, rising 29% from the same month in 2018. This was a new record for the month of December.
There were 309 new residential listings in December 2019. This was down 4.9% on a year-over-year basis.
Active residential listings numbered just 1,062 units at the end of December, a decrease of 15.6% from the end of December 2018.
Months of inventory numbered only 3.4 at the end of December 2019, down from the 4.3 months recorded at the end of December 2018 and below the 10-year average of 5.3 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
Sales of all property types numbered 342 units in December 2019, up 9.6% from December 2018. The total value of all properties sold was $171.1 million, a large 36.2% increase from December 2018.
About The Niagara Association of REALTORS® The Niagara Association of REALTORS® represents over 1200 REALTORS® serving the communities of Fort Erie, Fonthill/Pelham, Lincoln, Niagara Falls, Niagara-on-the-lake, Port Colborne/Wainfleet, St Catharines, Thorold and Welland. Our mission is to empower REALTORS® to thrive. Our vision is to foster an environment where leadership and members provide influence, advocacy, enhance professionalism and business acumen.
Contact: Deanna Gunter, President The Niagara Association of REALTORS® 116 Niagara Street, St. Catharines, ON, L2R 4L4 Tel: (905) 684-9459 [email protected]