Residential re-sale market activity in Pelham is continuing its upward trend into the final months of 2009. A total of 29 single family MLS sales were reported during the months of October and November 2009, an overall increase of 93% over the total of 15 transactions during the same time period last year.
To keep this astronomical increase in prospective, one needs to consider that the previous time period that we are comparing to represents the months last year when news of the global financial crisis was hammering consumer confidence. Despite this cautionary note it is safe to say that the market results are demonstrating that a strong recovery is underway in the Town of Pelham.
Year-to-date unit sales have climbed ahead of 2008 results. The November month end year-to-date total of 199 single family MLS represents a 16.3% increase over the 171 units reported during the same time frame in 2009.
Average price levels have been on the rise in Pelham since the end of the first quarter of 2009. The current 12 month average price of $305,709 is up 3.7% from the low of $294,827 recorded in April 2009.
On a national level, the increased activity levels experienced during the past six months has also caused year-to–date sales levels to begin to inch above 2008 levels. As of the end of October, the Canadian Real Estate Association reported that MLS® System unit results were 1.6 per cent above the same period last year, but below levels for this period in each of the previous three years.
Across the Niagara Region year-to-date results lag 3.4% below the number of transactions recorded in 2008. The only other communites in Niagara that have reported annual results that are ahead of last year are Niagara-on-the lake (+10.9%) and Port Colborne (+15.9%) Expect the rising average price, rebounding consumer confidence and low interest rates to continue to propel Pelham to be a Niagara market growth leader into 2010.
Categories: Real Estate Market Update