Local Housing Sales Level Off in May

The Pelham real estate market dropped off slightly during the month of May and as expected, year-to date gains are slowing from the pace set between January and April. Current yearly comparisons are now being held up against the time period when the real estate market started to heat up following the global financial crisis experienced during the Fall and Winter of 2008.

According to the May 2010 statistics released by The Niagara Association of Realtors, 88 residential single family homes were sold year-to-date in Pelham compared to 72 during the same time frame last year, representing an overall increase of 22%. However, the May monthly total of 17 sales actually reflects a 29% drop compared to the May 2009 figure of 22 unit sales.

In Welland, the May 2010 sales total of 62 units represents 8.8% fewer sales than the total of 68 units achieved in 2009. The Rose City’s year-to date sales figure stood at 321 at the end of May – still a healthy 25% ahead of the total of 255 sales recorded between January and May in 2009.

In contrast to the slowdown in our Pelham and Welland local sector, the overall regional results for Niagara continued to out pace last year’s activity in both the monthly and year-to-date comparison categories. The Niagara wide May 2010 sales figure of 575 units reflected a 12% gain over the May 2009 total of 512 units while the year-to-date sales level of 2379 units is 30% ahead of January-May 2009 results.

The current Niagara real estate market growth areas are Niagara Falls with an increase of 41% over last year’s total for the month of May and Niagara-on the Lake reporting a whopping 103% gain.

Categories: Real Estate Market Update

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