No Sign of Spring in the local Real Estate Market

In Welland, the comparative sales situation for February was better than that of Pelham provided that one can even allow themselves to consider a 44% monthly decline to be a positive statistic. A total of 41 MLS residential units were sold in Welland during February 2009 compared to 77 in February 2008 with the year to date figure being 66 units in comparison to 130 for the same time frame in 2008.

What is most interesting to note is the lack of change in the 12 month residential single family average sale price in both communities. The Pelham average for the 12 months proceeding February 2009 at $295,152 was marginally higher that the January 2009 figure of $294,933 and in Welland the February 12 month average was $168,847 compared to $169,252 in January 2009.

Yes, there are a lot less sales happening but price levels have not come down any further than the overall adjustment experienced during 2008. As Spring approaches, more and more new listings are coming on the market, increasing numbers of showings are being booked, open house attendance is on the rise but very few offers are actually being presented.

Categories: Real Estate Market Update

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