Housing Market Slow but Steady

Local home sales continued at a steady pace in July. The Niagara Association of REALTORS® reported 18 residential, single family transactions in Pelham during the past month– the same tally that was recorded in July 2010. Total sales through the first seven months of this year amounted to 106 – down 18.5 per cent compared to the same period in 2010. 

Across theNiagararegion, 482 sales were reported in July, representing a 5.7% increase over the total of 456 recorded in July of last year. The month results reflect a rebound in activity compared to last summer’s slow-down following the implementation of the HST on July 1, 2010.

Overall, sales volumes have been sluggish throughout the first seven months of 2011 in mostNiagaramunicipalities, while average prices are continuing to climb.

So far this year, the Niagara Association of REALTORS® has recorded 3045 single family residential sales through the Niagara MLS® system, representing a drop of 9.3% compared to the total of 3356 reported during the first 7 months of last year.

To better appreciate the recessionary impact on the past five years of  market activity take a look at the current year-to-date level of 3045 sales in comparison to previous years:  +1.7 vs 2009 total of 2993 sales; -10.5% vs 2008 total of 3403 sales and  -17.8 vs 2007 total of 3706 sales.

The silver lining in the lower volume environment is the steady growth in sale prices. Although overall sales activity is down, listing inventory levels are also at record lows. The reduced supply is helping to off set the downward pressure on sale prices despite the fact that there are fewer buyers.

The Niagara12 month average price reached $228,729 in July – up 1.7% over the July 2010 figure of $224,828. In Pelham the average price held steady at $327,784 compared to $327,856 in July 2010.

 As your Niagara Realty Source, Team Berkhout Bosse is pleased to provide you with expert market advice and start to finish transaction management support connecting you with our local community network. We invite you to visit our website www.NiagaraRealtySource.com where you can learn more about the professional marketing and property search services that we provide. 


Categories: Real Estate Market Update

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