The Niagara Association of Realtors reported 17 transactions in Pelham through the Multiple Listing Service (MLS®) during the month of January 2010. What a welcome increase over the total of 6 transactions that occurred in January 2009 when home sales were at a recessionary low.
In fact, last month’s sales total represents the highest level that has been achieved in January during the past 5 years. The average home selling price in January 2010 climbed 5.5% to $311,085 compared to $294,933 in the same month last year, a level that is just .7% shy of the peak of $313,392 recorded in January 2008.
Across Niagara January sales results continue to indicate that the local housing market is rebounding well from the extreme drop in sales experienced at the beginning of 2009. The renewed level of consumer confidence combined with the affordability effect caused by low interest rates has propelled a region wide unit sales increase of 38% over January 2009 figures.
Both the Pelham and Welland market areas outperformed the region in the January tallies. Unit sales in Welland were also up significantly – 45 transactions in 2010 compared to 25 in 2009. The January 2010 12-month average price of $176,649 was 4.4% higher than the figure of $169,252 recorded in Janaury 2009.
Overall we should expect strong annual growth rates for existing home sales and average prices throughout the first quarter as we continue to make comparisons to the weak market conditions at the beginning of 2009. As we move closer to the summer months anticipate the rate of growth to slow down significantly as we begin to compare results to more balanced market conditions.
Categories: Real Estate Market Update