It’s been a banner Spring for home sales in Pelham. Year-to-date residential transactions are full steam ahead of last year’s level and returning to the pre-recession levels experienced prior to 2008.
According to the MLS statistics of the Niagara Association of Realtors there have been 80 residential sales reported in Pelham so far this year. Last year’s tally during the same time period was 62 units with 51 being the grand total recorded between January and April in 2011. Current results compare more favourably with the peak three-year average of 83.6 sales recorded during January-April from 2005 to 2007.
Our local sales surge contrasts significantly with Niagara regional market activity. Year-to-date sales have dropped 8.5% across Niagara with 2,182 transactions reported during the first four months of this year compared to 2386 last year.
Despite this slowdown in overall volume, homes sales happened an average of 5 days faster than last year with the average number of days on the market in Niagara now at 62 days compared to 67 last year.
The average number of days it takes to sell a home in Pelham is higher than the regional average. The 12 month average for days on the market for Pelham transactions has remained consistently at the 80 day level for the past two years.
Longer market times are reflective of the higher average price levels in our local community. The Pelham12 month average price as of April 30th, 2013 stands at $331,930 up 1.659% from $326,734 recorded at the month end of April 2012. The current Niagara Regional 12 month average price of $248,360 is 3.9% higher than last April’s figure of $239,039.
Next door in the Rose City year-to-date average price statistics reflect similar increases. The April 12-Month average price of $189,173 represents a rise of 3.8% over last year’s figure of $182,294. The overall sales volume in Welland declined 14.3%, with to a total of 692 units sold so far this year compared to 807 between January and April 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