Average Price Growth Edging Down

The local housing market started the year at the same pace as January 2011. With 6 residential sales on the books so far this year in Pelham, the month end result is identical to last year.

Traditionally, the 7-year average for the month of January has been 7.2 units indicating that current trends are continuing just slightly below typical expectations.

Preliminary 2011 year end results suggest that the Pelham market performed 04.8% below 2010 levels with 199 residential sales reported compared to a total of 209 in 2010. However, the Niagara Association of REALTORS® has yet to release consolidated statistics for last year.

On December 15th, 2011 the Association converted its Multiple Listing Service (MLS®) system to a new service provider. As of the end of January 2012, the data that was compiled during the final two weeks of last year has yet to be merged with previous records to provide a verified annual total.

The last confirmed Niagara Association of REALTORS® sales reports, released in November 2011, indicated that the year to date MLS®) residential sales total in Pelham was lagging 10% below 2010 activity levels and the average time on the market for homes sold during November 2011 was 94days.

2011 year end preliminary results indicate that the 199 residential sales that occurred during the past year were on the market for an average of 80 days and sold for an average sale price of $321,464. Considering that the 2010 12-month average price stood at $324,584 it certainly appears that the price appreciation in our local market may be leveling off.

AcrossCanada, the RE/MAX 2012 Housing Market Outlook released in December 2011 reported that eighty-eight per cent of the 26 major markets examined were projecting average price increases by year-end 2011—with percentage hikes ranging from one to 16 per cent.

The report also forecasted that this upward trend would moderate in 2012, but still remain ahead of 2011 figures   Almost half of Canadian markets are expected to match 2011 performance levels, while the remainder should post increases ranging from one to five per cent next year.

This article is part of our ”Real Estate View”  Column Series published semi-monthly in the Pelham News, a Niagara area community newspaper. You can learn more about our real estate services at our business website www.niagararealtysource.com


Categories: Real Estate Market Update

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