Market Report: November 2019 - Niagara Association of REALTORS®

MEDIA RELEASE
For immediate release

Niagara Region home sales edge down in September

St. Catharines, ON (December 3rd, 2019) - Residential home sales activity recorded through the MLS® system for The Niagara Association of REALTORS® (NAR) totaled 573 units in November 2019. This was an increase of 4.18 from November 2018.

 “Niagara region home sales were running at typical levels for November,” said Deanna Gunter, President of the Niagara Association of REALTORS®. “That said, with supply still limited and now trending back down, it remains a challenging market for buyers, particularly given how few new listings came on stream in November. Moderate sales figures likely reflect the combination of tight supply and rising prices.”

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 $428,600 in November 2019. This was an increase of 8.20% compared to November 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 accompanying chart.

REALTORS® listed 675 residential properties in Niagara jurisdiction last month, a decrease of 14.34% compared to November 2018. The average days it took to sell a home in November was 47 days, compared to 45 days in November 2018.

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.


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]