Pelham Market Outpaces Niagara

ImageHome sales continue to be as hot as this summer’s heat wave with 27.7% more homes sold this June compared to last year. According to the Niagara Association of Realtors there were 23 unit sales in Pelham during June 2012 while last June the tally was 18.

Year-to-date sales have pulled ahead of last year’s activity level with the 104 sales recorded so far this year reflecting a 8.3% increase over the June 2011 year-to-date total of 96 transactions.

The sales that happened in Pelham during the month of June sold much quicker than last year with an average market time of 75 days compared to an average of 91 days last year in June.

There are signs, however, that price growth is starting to level off. The 12-month average price year-to date is $318,189 – down 0.54 from the figure of $319,913 recorded in June 2011. In comparison, the 12 month average price increased 1.32% between June 2009 and 2010.

In Pelham, our June 2012 market activity significantly outpacedNiagararegional results. AcrossNiagaraa total of 568 unit sales were recorded in June 2012 representing an 21.1% monthly slide from last June’s total of 688 transactions. Year-to-date sales inNiagarahave declined 1.49%.

From a National prospective, Canada Mortgage and Housing Corporation (CMHC) released its second quarter 2012 Housing Market Outlook, Canada Edition1 on June 14, 2012.  In the report, the Agency projected that both new and existing home market activity are expected to moderate through the end of 2012.

Let’s hope our local market continues to be such a pleasant market anomaly.

This article is part of the “Real Estate View” series of columns that Cathy Berkhout-Bosse writes for the Pelham News. You may read past columns here on our BLOG.

Categories: Real Estate Market Update, Uncategorized

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