Unit sales of residential properties in Pelham dropped 14% during the First Quarter of this year compared to the same time frame last year. According to MLS® system reports of the Niagara Association of REALTORS® there were 43 sales in Pelham so far this year down from the total of 50 sales reported during January-March 2013.
The slow down corresponds directly with the prolonged winter season that seems to have caused even the most ardent homebuyer to postpone house-hunting activities.
Interestingly enough the cold Spring weather has not impacted sales results in the Rose City. First Quarter sales in the City of Welland were up 15% over last year with a total of 157 sales recorded compared to 136 transactions during January-March 2013.
In fact, Welland was the only one of Niagara’s major cities to experience a sales surge during the month of March. St.Catharines with sales of 168 is down 6.7% from last year’s March total of 180 units and in Niagara Falls unit sales dropped 27.7%, from a total of 108 transactions reported in March 2013 to 78 units during March 2104.
There were 70 March sales reported this year in Welland up 22.8% from last year’s total of 57 units sold. Pelham’s March total of 17 transactions represents a 37% slide from last year’s tally of 27 units sold.
In Pelham the 12 month average sale price was $347786 – a spike of 5.4% from the March 2013 level of $330034 but down slightly from the figure of 349931 recorded in February 2014. In Welland the March 2014, 12 month average price was $ $187,097 virtually no change from last year’s $187, 270.
The month of April will be an important indicator of sales predictions for the remainder of the year. Should sales continue to slide in Pelham, you can expect a corresponding cool down in average price growth during the Spring market season.
“Cathy Berkhout-Bosse, H.B.A. is a real estate broker at ReMax Welland Realty Ltd. living in Pelham. You may read past columns at http://www.NiagaraRealtySource.com”
Categories: Real Estate Market Update