The average selling price for re-sale homes in Welland has reached an all time high and has rebounded completely from the slump experienced last year after the global economic slowdown.
According to April statistics released by the Niagara Association of Realtors the 12 month average sale price in the Rose City is $178,138 compared to $166,738 representing an increase of 6.8%. This pace is just slightly ahead of the Niagara regional average price growth of 6.5%.
The year to date sales figure of 251 units is 34% above last year’s total of 187 units with sales for the month of April returning to a monthly level of 77 units –just 3.7% shy of the 2006-2008 pre-recession average of 80 sales.
The number of new listings coming on the market is running slightly below previous inventory levels with the slight under supply continuuing to place upward pressure on housing prices. The average number of days on the market for Welland residential sales is currently 64 days.
APRIL Comparison Chart – WELLAND