Low Inventory Levels Fueling Market

The 12-Month Average Price in Pelham rose again in June. According to the MLS® sales reports of the Niagara Association of REALTORS® our current local average of $338,174 is up 4.8 per cent from the $322,614 recorded in June 2012.

The current rise in prices is largely being fueled by an inadequate supply of active listings. The overall inventory of homes for sale across Niagara stood at five year low as of the end of June.

With continued low interest rates spurring on Buyers, the local demand for housing has stayed at sufficient levels to outpace supply.

This past June there were 25 residential sales in Pelham representing an 8.7% increase over last year’s total of 23 for the month. Year-to-date home sale are up a whopping 19.4% with 123 units sold so far this year compared to 103 as of  the end of June last year.

This figure reflects the best start to the year since 2007 when the first half total reached 137 units sold. Total transaction levels during the same time frame in 2008, 2009, 2010, and 2011 were 114, 109, 120 and 96 respectively.

Across Niagara the 12 Month Average Price continues to climb even though unit sales levels are on the decline. With 3320 single family sales reported so far this year compared to the 3430 recorded in 2012 year-to-date activity is down3.2%

The 12-Month Average Price in Niagara reached $245,183 in June– up 2.7% over the 2012 June Year-to-Date figure of $238,691.

Categories: Real Estate Market Update

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