Spring Market Starts Early

An early burst in Spring Market activity has boosted local market results and is starting to offset the unusually slow sales tally posted during January and February of this year.

According to preliminaryMLSstatistics of the Niagara Association of Realtors there were 22 residential sales reported in Pelham during March 2012 up 29% from the 17 transactions recorded last March.

This surge pushed the year-to-date level to a total of 36 transactions – just slightly below the 2007-20011 Five Year average of 40 unit sales in the First Quarter.

As of March 31st the 12 month average price in Pelham stood at $316,259 hovering just below the February 2112 figure $316,943.

This deceleration in house prices is consistant with housing market activity across Canada. According to the Canadian Real Estate Association MLS Home Price Index (HPI), a survey of five major housing markets showed that while prices continued to rise in February, the 5.1 per cent year-over-year increase in February was the smallest since June 2011. It was also the fourth consecutive month in which gains slowed.

“The index typically rises in February from the previous month as demand ramps up leading into the spring housing market,” said Gregory Klump, CREA’s chief economist. “The monthly price increase in February this year was less than what we saw in either of the past two years, which is more evidence that the trend for Canadian home prices is slowing.”

Thanks to an early Spring our local version of the Canadian housing market is returning to balanced conditions with relatively flat prices and a marginal slowdown in overall sales volume heading into the 2nd Quarter.

If you have any real estate questions or if you are thinking of buying or selling your home, please contact Team Berkhout Bosse at info@niagararealtysource.com or call 905-892-8920 today!

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Categories: Real Estate Market Update

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