According to the MLS statistics of the Niagara Association of Realtors there were 24 residential sales reported in Pelham during January and February of this year compared to the same months in 2012. The average days on the market for the homes that sold shifted to 55 days a significantly faster pace than the average of 91 days a year ago.
Sales of higher end inventory are once again on the rise skewing our local monthly average sale price to a much higher level than recorded last year. At $326,942, the average sale price of the homes that sold during January and February increased a whopping 22% over the average sale price of $268,479 reported during the same months in 2012.
The February 12-month average price in Pelham stands at $325,227 up 1.2% over last year’s figure of $ $321,294.
Our local Pelham market activity outpaced Niagara. As of the end of February the region wide sales total of 745 units – reflecting an 11% drop from last year’s level of 839 transactions. Niagara’s 12-month average price is still on the rise. Currently at $242,233 the 12-month average price in Niagara represents a gain of 3.6% over last February’s tally of $233,875.
Year-to-date results in our neighbouring City of Welland are trailing 2012 activity levels by 22% with 79 homes sold so far this year compared to 105 last year. The Rose City’s 12-month average price of $185,024 is up marginally from the total of $183,496 recorded in February 2012.
Although the overall sales volume across the Region is lagging behind last year, listing inventory levels are also trending down. The net effect of reduced supply is maintaining a healthy level of steady price growth in our local housing market.
This article is part of our Series of “Real Estate View” Columns published 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.