It’s a Tentative Balance in the Real Estate Market

While the price of homes in Pelham continued to rise, home sales actually dropped by 43% in August.  According to the MLS statistics as reported by the Niagara Association of Realtors there were 13 single family unit sales compared to the total of 23 recorded in  August of 2009.

Year-to-date sales have also now fallen below 2009 levels for the first time this year. Between January and August there were 143 sales in Pelham compared to 147 during the same time period last year -representing an overall decline of 2.8%.

Meanwhile, the 12 month average price for a home in Pelham has risen 11.7% since August 2009 reflecting higher sales activity in the mid- to upper-price range.  At $332,932 August’s 12 month average sales price is more than $30,000 higher than the same month last year, when the average selling price was $298,157.

At the end of August, prospective homebuyers had an inventory of 178 houses to choose from — a slightly higher figure than the total of 167 properties that were on the market at the end of August 2009. As inventory levels begin to creep upward the average time on the market for year to date home sales in 2010 is 90 days compared to the brisker pace of 73 days in 2009.

So far this year 303 homes have been listed for sale in Pelham. This figure is 2.2 % below last year’s 8 month total of 310 listings. The declining trend in new listings is helping to offset lower sales results. The combined effect continues to maintain a tentative balance between the level of supply and demand in the local real estate marketplace.

Categories: Real Estate Market Update

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