To read more from the Royal Le Page’s Fall Newsletter, click here.
Niagara & Surrounding Areas
The sales reported for the month of September exceeded last year’s residential sales by 13%. Year to date, as of the end of the 3rd Quarter, sales were up 6% year over year with some markets reporting higher increases. Grimsby & Stoney Creek sales volumes were up 28% and 33% respectively.
The average sale price for a single family residential property (YTD) is now sitting at $252,562 a modest increase of 5.8% over last year’s price of $236,631.
The number of homes listed year this year is 4.5% higher than the 3rd quarter of 2013. The region overall is in a balanced market with an average “sales to new listings ratio” of 58%. The Grimsby & Stoney Creek areas with fewer listings & higher sales activity are in a Seller’s market.
Inventory levels of Residential properties (absorption Rate) are mixed thru out the region. The number of months of inventory represents the number of months it would take to sell current inventories at the current rate of sales activity, and is a further measure of the balance between housing supply and demand.
St. Catharines has 3.3 months whereas Fort Erie is sitting with 8.1 months of inventory. The market is expected to be steady over the next 3 months with sales and Average prices remaining just above last year’s levels.
(Source: Royal Le Page Fall Newsletter 2014)
