It’s a Seller’s Market in Pelham

Pelham is continuing to enjoy a robust spring market this year. As at the end of April, year-to-date sales of single family residential homes totaled 70 units compared to 50 during the same time period last year. Across the Niagara Region the number of sales reported between January and April increased 33% over 2009 results.

National statistics indicate that while demand for resale housing remains strong there are a rising number of new listings coming on the market resulting in a more balanced national resale housing market. According to statistics recently released by The Canadian Real Estate Association (CREA), a total of 233,402 new listings have come on stream since the beginning of the year, more than in any other first quarter period on record.

Generally speaking, Niagara homebuyers have more choice heading into the busy spring buying season. During the first four months of 2010 there were 3880 new listings placed on the Multiple Listing Service (MLS) of the Niagara Association of Realtors. This figure represents a 14% increase over the total of 3397 new listings during the same time frame in 2009.

However, there is an interesting anomaly is presenting itself in our local Pelham market. The Town of Pelham is the only area in Niagara that actually experienced a decline in the number of new listings recorded with only 134 properties listed between January-April 2010 compared to 157 in 2009.

The under supply of local resale housing options means that it is still very much a Seller’s Market in the Town of Pelham. The limited choice in the marketplace is placing upward pressure on average price levels. The current 12 month average price of $319,132 represents an all time record high for our area.

Categories: Real Estate Market Update

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