The upward trends reported in the Welland real estate market during the second and third quarters are holding steady into the final months of 2009. A total of 106 single family MLS sales occurred in Welland during the months of October and November 2009, an overall increase of 6% over the total of 100 transactions during the same time period last year.
Average price levels have been on the rise in Welland since the end of the first quarter of 2009. The current 12 month average price of $175,449 is a record high for the Rose City and is up 5.2% from the low of $166,738 recorded in April 2009.
Despite the current rally, year-to-date unit sales continue to lag behind 2008 results. The November month end year-to-date total of 666 single family MLS represents a 9.4% decline from the 735 units reported during the same time frame in 2009.
On a national level, the increased activity levels experienced during the past six months recently prompted the Canadian Real Estate Association to revise its May 2009 forecasted number of annual transactions. Instead of the 14.7 per cent decline that was projected based on poor 1st quarter results the updated forecast is predicting 2009 totals to be just .4% shy of 2008 levels.
Across Canada, new listings have been edging down from record levels. So far this year in Welland, the number of new listings placed on the market has dropped off by 5%. There is now a pronounced undersupply of homes for sale in the local area and in many regions throughout Canada.
As the average price situation continues to improve more sellers are expected to return to the real estate marketplace. Low inventory levels, rebounding consumer confidence and low interest rates should propel the current market momentum into 2010.
Categories: Real Estate Market Update