Third Quarter results reflect a contraction in the level of sales compared to the results recorded in July – September 2009. Unit sales for the same period this year have dropped 17.8% across Niagara with Welland’s decline of 19.7% being slightly higher than average.
Year-to-date new listings are on the rise further contributing to a growing inventory of properties on the market. The combined effect of fewer sales and higher supply levels has combined to stabilize average prices.
The 12 month average sale price in Welland has remained constant at the July peak level of $178,000 throughout the Third Quarter indicating a return to more balanced market conditions.
Categories: Real Estate Market Update