Local Housing Market – the ‘Engine that Could’

The local housing market is demonstrating remarkable resiliency despite the renewed slowdown in global economic activity experienced during the third quarter of this year.

According to the MLS® sales reports of the Niagara Association of REALTORS® there were 57 single family unit sales in Pelham during the months of July, August and September 2011 compared to 54 reported during the same time frame in 2010. Considering the volatility of the financial markets during the past three months this 5.5% increase in home sales certainly speaks to the strength of our housing sector.

The burst in activity during the third quarter has gone a long way to stabilize the low performance results recorded in the 2nd Quarter. During the months of April, May and June this year Pelham house sales dropped by 20%, with 48 transactions reported compared to 60 in the 2nd Quarter of 2010.

As of the end of June 2011 the year-to-date sales total for single family homes in Pelham was running 21% shy of last year. The year-to-date shortfall has now lessened to 12.6%.

Across the Niagara Region overall home sales were up 12.6 % during the 3rd Quarter, with 1,438 homes changing hands compared to 1,277 last year, while year-to-date home sales are trailing last year by 4.2%.

During the month of September here were 28 new listings placed on the market in Pelham – 28% fewer than the September 2010 total of 39 -suggesting that the last month’s listing growth trend may be subsiding. Overall, there have been 367 homes listed for sale in Pelham this year – up 7.6% from the total of 341 that were listed during the first nine months of 2010.

This month the 12 month average price in Pelham bounced back to $332,199 – just .4% below our previous peak of $333,703 recorded in June 2011.  The overall 12 month average price in Niagarahas been hovering at $229,000 throughout the 3rd quarter.

Much like the ‘little engine that could” our local version of the Canadian housing market is demonstrating balanced conditions with relatively flat prices and a modest slowdown in sales volume heading into year-end.

Cathy Berkhout-Bosse is a Real Estate Broker and Communications Strategist living in Pelham. You may read past columns at www.NiagaraRealtySourceReport.com

 



Categories: Home Buyer’s Resources, Real Estate Market Update

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