Pelham Outperforms Niagara Market Trends

Third quarter results across Niagara reflect a general slowdown in market activity with unit sales trailing 2011 levels by 13.3%.

According to the MLS® statistics as reported by the Niagara Association of REALTORS® there was a total of 1547 residential sales in Niagara during July, August & September 2012 compared to 1786 during the same time frame in 2011. The figure for the Third Quarter of 2010 was 1565 sales, indicating that current activity levels, while lower than last year, are consistent with the results achieved in 2010.

As of the end of September the year-to-date unit sales figure for Niagara was 4754 representing a 3.9% decline from the September 2011 year-to-date total of 4885 transactions.

In Pelham, our local marketplace is outperforming regional results. With 60 sales in the Third Quarter, the activity level in Pelham is just 3.3% shy of last year’s total of 62 and on par with the 60 transactions recorded during July, August and September 2010.

In fact, our local Spring market was sufficiently robust that the marginal drop in Third Quarter activity has had minimal impact on Pelham’s year to date statistics. As of September 30th, 2012 there were 165 sales recorded year-to-date – up 4.4% from 2011 figure of 158 units sold.

The market summary in our neighbouring City of Welland tells a different story. During the Third Quarter there 195 sales posted in Welland – down, 20 % from the last year’s total of 245 units sold. Year-to-date unit sales in the Rose City lag 6.5% below 2011 sales and 3.3% below 2010 levels respectively.

The September 12 month average price in Pelham dropped slightly to $317,701 from the $318,518 tally reported in September 2011.  Expect this trend to continue into the winter months as lower sales levels are putting downward pressure on selling prices.

This article is part of our Realty View Column published in the Pelham News You may read past columns at here on our Niagara Realty Source BLOG.

Categories: Real Estate Market Update

Tags: , , , , , , , , ,

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: