Market inventory is on the rise in Pelham. Since January 1st there have been 110 single family residential homes listed for sale on the Multiple Listing Service of the Niagara Association of Realtors (NAR). This figure represents an 18% increase over the First Quarter 2010 total of 93 new listings.
Pelham joins Niagara Falls & Niagara-on-the-Lake as the only communities in Niagara serviced by NAR that experienced an increase in new listings. Across Niagara new listings in the First Quarter fell by 10.7% with 2,492 properties listed between January-March 2011 compared to 2,790 during the same period in 2011.
Although the number of properties for sale in Pelham is on the upswing, sales activity is shifting to a more normalized pace.
According to MLS statistics there were 51 sales of single family homes in Pelham during the first quarter of 2010 – a staggering 89% increase over the doldrums experienced during Jan- Mar. 2009 when only 27 transactions were recorded.
The 2011 current sales level of 40 units is identical to Pelham’s 2006-2008 average number of sales reported for the first quarter.
So far this year total unit sales in Niagara have reached 1,073 – 11.8% below the January-March 2010 level of 1,217.
The 12 month average price in Pelham now stands at $326,432, – a slight .5% increase over the 2010 year end result of $324,843. In comparison, the March 2010 average price of $312,274 represented a 1.8% price appreciation over the December 2009 year end average of $306,854.
With sales activity contracting it is not surprising that we are beginning to see that the past two years of hyper-accelerated price growth may be running out of steam. Hopefully this also a sign of a return to more stabilized market trends.
“Cathy Berkhout-Bosse, H.B.A. is a real estate broker and communications strategist living in Pelham. You may read past columns at www.NiagaraRealtySource.com”