Niagara Market on the Rise

It has been an active summer for real estate sales across the Niagara Region with 702 unit sales reported during the month of July in the communities serviced by the Niagara Association of REALTORS®. This figure represents an impressive gain of 23% over last July’s total of 570 transactions.

In Pelham, local home sales jumped off the charts in July. The Niagara Association of REALTORS® reported 33 residential transactions in Pelham during the past month–more than double the total of 15 sales recorded in July 2013. There have been 159 units sold year-to-date reflecting an increase of 15.2% over last year’s January to July sales total of 138 transactions.

So far this year there have been 3802 residential sales reported in Niagara – an increase of 5.7% over the total of 3596 unit sales recorded during January to July 2013. In the Rose City sales have spiked 11.4% so far this year with 381 transactions reported between January and July compared to 342 last year.

The spike in activity is heating up average house prices through our Region. The Niagara 12-month average residential price reached $250,499 in July – up 5.5% over the July 2013 figure of $237,452.

In Pelham the 12-month average price rose 3% reaching $350,670 compared to $340,216 in July 2013. The 12-month average price in Welland now stands at $190,406 reflecting a 2.8% increase over the figure of $185,130 reported in July 2013.

Niagara is an extremely attractive market for Home-buyers who are looking to move out of the Toronto market area. Our irresistible combination of lifestyle appeal and home prices that are as much as 50% below comparable homes in the GTA is a major force impacting current market conditions. Expect this rising average price trend to continue.

This article is part of our series of  “Real Estate View’ columns published in The Pelham News. You may read past columns here on our Niagara Realty Source Report BLOG.

 



Categories: Real Estate Market Update

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