Pelham Market Review: February 2010

Average House Price on the rise

The housing market continues its healthy upward trend across the Niagara Region, with significant increase in both number of sales and sale value. This trend is expected to continue through to late Spring as we approach the implementation dates of two legislative changes that are predicted to reduce housing affordability – revised mortgage qualification rules coming in April and the Harmonized Sales Tax in July.

The February sales results as reported by the Niagara Association of Realtors Multiple Listing Service® system  indicate that the monthly regional single family residential unit sales increased by an average of 27.5% over February 2009 levels. The total of 413 transactions is now just 6% shy of the pre-recession February 2006-2008 3 year average of 439 units.

The unit sales results for Pelham during February indicated a much slower pace than that of both the Region as a whole and the figures posted by our neighbour to the south. There were 12 sales reported in Febraury 2010 compared to 13 in February 2009 whereas Welland recorded 61 units compared to 50 during the prior year – representing an increase of 22%.

 The February 12 month average sale price for residential properties in the Niagara Region was $216,915, an increase of 3.3% over the February 2009 figure of $210,065.  In Pelham, the 12 month average price was $312,615, representing a rise of 6.4% over the February 2009 average price of $293,682 and .8% below the February five year high of $315,098 recorded in 2008.

 The 12 month average price in Welland continues to climb steadily. The February 2010 figure of $176,480 is 4.6% higher than the amount of $168,721 recorded in 2009 and represents a record high result for the month of February.

The number of new listings year to date in the Town of Pelham has declined 45% suggesting that the under supply of available inventory will keep accelerating price growth into the second quarter.  In contrast, the Rose City has experienced a 2.5 increase in new listings and the Niagara region as a whole reported a whopping listing surge of 15.6%.  

 Pelham- February Market Statistics
Date Unit Sales % change Avg. Price YTD % change
Feb-10 12 -.08 $312,615 +6.4
Feb -09 13 -19 $293,682 -6.8
Feb -08 16 +14 $315,098 +6.3
Feb -07 14 +27 $296,387 +16
Feb -06 11   $255,807  

 

 Welland- February  Market Statistics
Date Unit Sales % change Avg. Price YTD % change
Feb -10 61 +22 $176,480 +4.6
Feb -09 50 -34 $168,721 +.8
Feb -08 76 +4 $167,381 +7.4
Feb -07 73 $155,835 +4
Feb -06 73   $149,731  

 

 Niagara – February Market Statistics
Date Unit Sales % change Avg. Price YTD % change
Feb -10 413 +27 $216,915 +3.3
Feb -09 324 -26 $210,065 +.2
Feb -08 436 +4 $209,639 +3.9
Feb -07 419 -10 $201,806 +7
Feb -06 464   $188,495  


Categories: Real Estate Market Update

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