April resale housing results in Pelham reflect a slowdown compared to our previous year sales activity According to the MLS statistics of the Niagara Association of Realtors there were 11 single family residential sales recorded in Pelham during the month of April 2010 compared to 19 during April 2010. Year-to-date at total of 51 single family sales have been posted – 37% fewer than the 70 sales recorded during the time frame of January to April 2010.
To help keep this previous year comparison in prospective it is important to note that our sales level last Spring represented an unusual spike in post 2007 statistical results. During the first half of 2010 many buyers pushed their purchase cycle ahead in order to avoid the additional costs associated with the implementation ofOntario’s Harmonized Sales Tax on July 1, 2010
The current sales level is actually just slightly below the 2008-2011 four year average calculation of 57.5 transactions that includes the January –April sales total of 50 and the 2008 figure of 59 unit sales.
On average our recessionary cycle sales activity remains 31% below the peak three-year average of 83.6 sales recorded during January-April sales period from 2005 to 2007.
Listing inventory in Pelham is on the rise with 160 new listings placed on the market so far this year compared to 133 during Jan-April 2010, 157 in 2009, 146 and 2008. Increasing supply combined with lower demand translates to downward pressure on market values.
The current Pelham 12-month average price of 321,936 is .6% higher than the April 2010 figure of $319,883 but also reflects a 1.4% drop from the March 2011 figure of $326,432. The average time on the market for Year-to-date home sales in Pelham have streteched to 106 days compared to 91 during 2010.
After several years of steady price gains our local market is transitioning once again to a slower pace of growth. Expect this trend to continue as low interest rates continue to fuel our local market activity but demand is tempered by employment insecurity and limited job growth.