November Market Update – Pelham, Welland & Niagara

Market Rallies in Pelham – UP 3.5%

During November total sales for the month in Pelham jumped well ahead of last year and year to date sales climbed 3.5% above 2012 results.

According to the MLS® sales reports of the Niagara Association of REALTORS® there were 15 homes sold in Pelham during the month of November – 25% more than the total of 12 reported during the same month last year and significantly ahead of the November 5-year average of 9.6 units for the month.

Welland Sales Drop 8% in November

However, it was a different story in our neighbouring City of Welland with unit sales for the month dipping 8% below last year’s results. In total, there were 45 sales in Welland during the month of November this year compared to 49 last year

Year-to-date sales in the Rose City now lag 7.6% below the 2012 activity level with 657 transactions reported as of November 2013 down from the total of 711 at this time last year.

Niagara DOWN 3.9% for November but just 0.4% Below Year-to-Date Level

Across all municipalities of Niagara the total number of residential transactions reported in November was 574 compared to last year’s figure of 597 units – representing a decline of 3.9%.

On a year-to-date basis, sales in Niagara are lagging just 0.4% below last year’s level with 5935 sales so far this year versus 5958 as of the same time period last year.

12 Month Average Sale Price: Pelham UP 8.5% ; Welland UP 0.6% ; Niagara UP 3.4%

The 12-month average price in Pelham now stands at $347,986– up a staggering 8.5% from the figure of $320,595 recorded in November 2012.

Given the small sampling size upon which this average is calculated one must be cautious about putting too much credence on this result. There has been an increase in activity in the upper price ranges in Pelham and it just takes three or four high-end sales to skew the average home price.

While the Pelham average price continues to rise at a dizzying pace, the 12 Month average price in Welland increased by a mere 0.6% (from $186,062 to $187,187) while the figure for all of Niagara grew by a more modest 3.4% climbing from $241,049 in November 2012 to $249,172 this year.

This article is part of our Series of “Real Estate View” Columns published  in the Pelham News monthly since November 2009. You may read all our past columns archived here on our Niagara Realty Source Report BLOG.



Categories: Real Estate Market Update

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