The Niagara real estate market continues to steer a steady course. Total unit sales in 2012 across all nine local communities served by the Niagara Association of REALTORS® crept up marginally over last year’s results. With 5704 single family sales reported this year compared to the 5664 recorded in 2011 unit sales increased 0.7%.
Interesting these figures stand in stark contrast to recent National media pronunciations of “The Great Real Estate Crash of 2013”. While the pundits have been writing similar attention catching headlines regularly for the past few years we, Realtors have been working away doing business as usual here in Niagara.
According to the MLS® sales reports of the Niagara Association of REALTORS® the 12 Month Average Price in Niagara reached $232,518 in December 2012 – up 2.9% over the 2011 December Year-to-Date figure of $226,022.
When you consider that the December 2012 Average Sale Price in the Greater Toronto Area stood at $497,298 it is easy to see that there is an affordability factor fuelling our local market. Niagara is an extremely attractive market especially to Zoomers approaching retirement age and increasingly also to telecommuters who can function quite effectively from their home-based satellite offices.
Across Niagara, the highest unit sales increases were reported in Niagara-on-the-Lake (+15.3%); Pelham (+7.14%) and Thorold (+3.7%). On the other side of that coin, there were three Niagara communities that experienced a decline in annual unit sales: Welland (-5.4%); Lincoln (-5.2%) and St. Catharines (-0.64%)
Niagara-on-the Lake continues to be Niagara’s highest price neighbourhood reporting a 12 month Average Price of $437, 153. Pelham is in 2nd place at $319,158 with Lincoln running a close 3rd at $317,163 due to a whopping annual price increase of 5.8%.
Any guesses what Niagara community experienced the largest average price increase during 2012? How many of you picked our gem of a city on Niagara’s South Coast – yes, indeed the price growth leader is Port Colborne reporting an increase of 6.3% climbing from $193,966 in 2011 to $206,297 in 2012.
This article is part of our Series of “Real Estate View” Columns published every 2nd week in the Pelham News.
As your Niagara Realty Source, Team Berkhout Bosse is pleased to provide you with expert market advice and start to finish transaction management support connecting you with our local community network. We invite you to visit our website www.NiagaraRealtySource.com where you can learn more about the professional marketing and property search services that we provide.
Categories: Real Estate Market Update