The booming housing market was a topic of conversation all across Niagara during the month of May. The total number of residential transactions reported for the region as whole (excepting Grimsby*) was up 6.9% with 681 residential unit sales reported compared to last year’s figure of 637 transactions.
On a year-to-date basis, sales in Niagara are outpacing 2013 results by 1.9% with 2465 sales reported so far this year versus 2419 as of the same time period last year.
It was another positive month for housing sales in the City of Welland with unit sales for the month running 8.2% ahead of last year’s results. In total, there were 79 sales in Welland during the month of May this year compared to 73 last year.
After a slow Spring start in Pelham, sales in May jumped 58% to bring year to date sales to a level just shy of last year. There were 94 homes sold in Pelham since January 1st this year compared to 98 last year.
In contrast, year-to-date sales in Welland have surged 9.2% ahead of last year with 307 units so far this year compared to 281 transactions reported during the same time frame last year.
The 12-month average price in Welland now stands at $188,338 up 1.4% from the figure of $185,655 recorded in May 2013. In Pelham, the 12 Month average has climbed 3.1% from $334,821 last May to $345331 this year while the average for the Niagara overall is up 4.5% from $235,525 to $246,133.
*Grimsby is not included in Niagara Association of REALTORS® trading area
“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