Active Summer for Home Sales

ImageLocal home sales continued on an upswing during the month of July. The Niagara Association of REALTORS® reported 21 sold listings in Pelham during the past month– compared to 19 in July 2011 and 18 recorded in July 2010. Total sales through the first seven months of this year amounted to 126 – a jump of 9.7% over last year’s year to date tally of 115 sales during the same time frame in 2011.

This past month our local Pelham market activity once again outpaced Niagara. The July region wide sales total (not including Grimsby) was 542 representing a 6.2% slide from last year’s level of 577 transactions. Year-to-date there have been 3,714 listing sold across the Niagara compared to 3,676 during the first seven months of last year – an overall increase of 1% .

During the month of July the average selling price for homes in Pelham was $318.883 . The Niagara July average price was $250,540.

The July 12-month average price in Pelham stands at $318,801 up ever so slightly over last year’s figure of $317,110. The year-to-date average length of time on the market extended to 92 days in July compared to 89 last year.

This past week, Bank of Canada Governor, Mark Carney predicted that a slowdown was underway in the Canadian housing market.  In fact, average price growth has been moderating in our local area and across Canada since last Spring.

Current Niagara statistics support an expectation that total sales this year will not surpass 2011 levels. Who wants to wager that our Pelham micro-environment will buck this trend?

This Article is part of our monthly series of “Real Estate View” columns published in the Pelham News. You may read past columns at www.NiagaraRealtySourceReport.com



Categories: Real Estate Market Update

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