Home sales increase, but local real estate market still robust
St. Catharines, ON (July 8, 2019) - Residential home sales activity recorded through the MLS® system for The Niagara Association of REALTORS® (NAR) totaled 702 units in June 2019. This was an increase of 4.8 per cent from June 2018 and a decrease of 5.3 per cent from May 2019.
On a year-to-date basis, a total of 3,673 homes have sold over the first half of the year, an increase of 9.4 per cent from the same period in 2018.
“Home sellers in Niagara enjoyed a robust spring market this year,” says Deanna Gunter, President of the Niagara Association of REALTORS®. “Although the number of units sold has increased over 2018, new listings coming onto the market and our inventory, as a whole, are still down. This keeps Niagara in a seller’s market moving into the summer months.”
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 $415,000 in June 2019. This was an increase of 6.7 per cent compared to June 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.
“Working with a Niagara REALTOR® to set a list price which reflects the current market value is key for sellers who wish to take advantage of a market moving in their favour,” says Deanna Gunter.
The dollar value of all home sales in June 2019 was $314.9 million, a 15.5 per cent increase from the same month in 2018. It was one of just a handful of times in history that the MLS® system for The Niagara Association of REALTORS® has processed more than $275 million in a single month.
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.