July Peak Level Results in Welland & Pelham

Resale housing sales results in Pelham continued to improve in July 2009, with total sales of 22 units reported compared to 17 during July 2008. This pace returns market activity to a level that is only 1 unit short of the record of 23 resale homes sold during the peak market year of 2007. Our Pelham local situation lags just slightly behind the national statistics recently released by The Canadian Real Estate Association (CREA).

According to CREA, the national total of 50,270 re-sale homes that were sold in July 2009 represents a 3.9% increase over the previous record for the month of July set back in 2007 and is also the first time on record that sales activity topped 50,000 units for the month of July in any year on record.

July results in Welland far exceeded the national average percentage increase. The Rose City posted 100 single family residential sales in July 2009 compared to 76 in 2008 representing a 17.6% increase over the peak total of 85 units achieved in July 2007

While the comparison of month over month results is encouraging year-to-date results continue to reflect a slower pace than that of previous peak year activity. In Pelham, year-to-date sales of single family homes stand at 124 units, 4.2% ahead of last years total of 119 units- but 25% below the Jan-July 2007 total of 155 units. Welland’s year-to-date total of 442 units remains 13% below the 508 recorded during Jan-July 2008 and is 21% below the total of 561 reported during the same time frame in 2007.

Both Pelham and Welland have fared better than the Niagara Region as a whole in the monthly comparison equation. July 2009, the total for residential single family unit sales for Niagara was 568 units, on par with the 570 recorded in July 2008 and 6.9% below the figure of 610 recorded in July 2007. The year-to-date unit sales in Niagara are 12% below the level recorded between January and July 2008 and 19% below the same months during 2007.

Categories: Real Estate Industry, Real Estate Market Update

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