A Red Hot Market in April

Residential home sales in Pelham for the month of April spiked 82% above last year’s level. According to the MLS statistics of the Niagara Association of Realtors there were 20 residential sales reported in Pelham compared to April 2011’s total of 11 transactions.

Sales of higher end inventory are on the rise skewing our local monthly average price to disproportionately high levels. Thirteen of the properties that sold (65%) achieved a sale price of more than $300,000 resulting in an average sale price for the month of $350,750. Last April the average price of homes sold was $327,081.

In the longer term perspective the local market in now beginning to out pace 2011 activity levels.  At 60 transactions year-to-date, activity levels are trending 13% above the 53 sales recorded during the same time frame last year.

The average number of days on the market for year-to-date sales is 89 – a marked improvement from last year’s figure of 107. The 12 month average price as of April 30th, 2012 stands at $319,315 up 1.65% from $314,126 at April 2011 month end.

April was a banner month across Niagara with region wide sales increasing 11.2% compared to the same month last year. The average price for the month of $230,017 remained virtually at par with the $230,033 recorded in April 2011. The average number of days it took to sell a Niagara home during the month of April fell from 63 days to 59.

The monthly results in our neighbouring City of Welland remained consistant with last year’s activity levels as 71 residential sales were reported – the exact same tally as April 2011.   With 255 sales recorded year-to-date, market results in the Rose City are 3.2% ahead of last year. The 12 month average price of $181,567 is 1.6% higher than last April’s figure of $178,626.

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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