During the First Quarter of 2013 Pelham home sales were 24% ahead of the level achieved during the same period in 2012. First Quarter sales across Niagara were down 8.5% compared to 2012 results.
According to the MLS statistics of the Niagara Association of Realtors there were 51 unit sales in Pelham during the first three months of 2013 while last year the tally was 41. The current level of sales in Pelham is well ahead of the 2007-2012 Six Year average of 40 unit sales in the First Quarter.
Niagara-wide there were 1,317 residential sales reported during the First Quarter this year compared to a total of 1,440 in the first three months of 2012.
So far this year, the sales that happened in Pelham sold much quicker than last year with an average market time of 74 days compared to last year’s First Quarter average of 89 days.
Interestingly the average number of days on the market for homes is lower across all of Niagara. Despite the fact that there have been fewer sales overall those that sell are changing hands faster. The average number of days on the market in Niagara during the First Quarter was 66 days down from 74 days recorded in the First Quarter of 2012.
On March 15th, 2013, the Canadian Real Estate Association lowered its forecast for National sales activity to a prediction of 441,500 units in 2013. This represents a 2.9 per cent decline from the total of 454,573 sales recorded in 2012, and stands five per cent below the 10-year average (2003 – 2012).
Our Niagara housing market remains firmly in balanced territory as the number of new listings keeps trending down in tandem with a slowdown in demand. The low inventory level has effectively kept the market in check and continues to spur on average price growth.
As of the end of March 2013 the 12 month average price in Niagara stood at $242,756 – up 3.6% from $234,246 posted in March 2012.
This article is part of our Series of “Real Estate View” Columns published in the Pelham News.
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All the Best, John & Cathy
Categories: Real Estate Market Update