ROYAL LEPAGE NIAGARA helped 5,490 Clients Buy & Sell in 2014
The 2014 real estate market in the Niagara region was the best we have seen in a number of years. Sales units exceeded last year by 8% and the average sale price for a residential home was up 5.1%.
The 1st & 2nd quarters showed slower activity when compared to the same periods a year ago however, the last 6 months have been brisk with each month showing healthy increases year over year. The Regional average sale price of a single family residential home was $252,546, $12,000 higher than 2013. The Grimsby, Stoney Creek and West Lincoln/Smithville areas showed increases from 4.5% to 11.7% in average Sale prices and the new listings to sales ratios range from 60% to 94% indicating a seller’s market. The remainder of the region is in a balanced market where the ratios range from 45% to 75%.
Looking ahead for 2015, the Niagara Region is expected to be strong with a steady increase in sales units and average sale prices. Royal LePage Real Estate Services Is forecasting a 2.9% price growth across the country, but that increase is tempered by the impact of expected falling house prices in Alberta. Current inventory levels are low in most of the Niagara Region which will make it difficult for Buyers to find the right home. Property owners considering a move this year should be listing soon while supply is low and demand is high.