Third Quarter results reflect another contraction in the local marketplace. Unit sales for the period have dropped 17.8% across Niagara with Pelham’s decline of 19% being just slightly higher than average.
There is a continuing reduction in the number of new listings coming on the market in Pelham. This trend is helping to offset lower sales results. The combined effect continues to maintain a tentative balance between the level of supply and demand.
The12 month average sale price is now beginning to stabilize following the rebound spike of 9.4% that occurred during the past year. For the first time this year there has been a drop in the average sale price month-to month comparison with the September 2010 figure of $328,429 representing a decline of 1.3% compared to the August 2010 high of $332,932.
Categories: Real Estate Market Update