Welland Housing Market up 41%
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 year to date single family residential unit sales have increased 31.5% over levels. However, the total of 692 transactions remains 9.8% below the pre-recession February 2006-2008 three year average of 767 units.
Unit sales results in Welland are currently out pacing Niagara regional results. With 106 transactions reported year to date in February compared to 75 during the same time period in 2009 the annual sale growth rate in the Rose City now stands at a whopping 41%.
It is important to keep this figure in perspective by also comparing to the 2006-2008 three year sales level average of 121 units for the months of January and February. Current activity levels are running 10.7 % below the previous market peak time frame.
Despite the lower number of units being sold average price levels continue to rise. 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. The current 12 month average price in Welland 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 Rose City is up 2.5 % while the Niagara region as a whole reported a listing surge of 15.6%. Generally, as the overall market is becoming better supplied we can expect more moderate rates of sales unit growth and lower levels of average price growth in the second half of the year.
Categories: Real Estate Market Update