Housing Market Cools Off in May

ImageAfter a month of scorching hot results in April, local market activity cooled off slightly in May.

Residential sales in the Pelham area dropped 28% from the level recorded in May 2011. According to the statistics of the Niagara Association of Realtors Multiple Listing Service MLS® there were 18 sales in Pelham during the month of May compared to 25 during the same month last year.

On a year-over-year basis, there have been 80 homes sold so far this year compared to 78 as of the end of May last year.  Hopefully, our local market momentum will rebound in June so that this year’s annual results will not start dipping below 2011 levels.

The average price of homes sold during the month of May was $351,155 up 6.6% from the May 2011 average price of $329,450. Locally, our average price figure continues to be skewed higher by record level high-end home sales.

50% of the homes sold in May achieved selling prices greater than $300,000 with 4 of the sales being $549,000 or higher.

The 12 Month average selling price of a home in Pelham now stands at $335,820, up 3% from last May’s month end figure of $326,045. As of the end of May, the 12 Month average price for the Niagara Region was $232,491.

So far this year it is taking an average of 87 days on the market to sell a home in Pelham- one week faster than the average of 94 days recorded at this time last year.

This past month, the number of newly listed homes dropped off slightly with 47 new listings posted, 4% fewer than the 49 units placed on the market during May of 2011. The effect of lower inventory levels continues to offset slower sales results leaving the overall housing market in balanced condition.

Cathy Berkhout-Bosse is a Real Estate Broker at Remax Welland Realty Ltd living in Pelham. You may read past columns at www.NiagaraRealtySourceReport.com

Categories: Real Estate Market Update

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