As of the end of January the 12-month average selling price of a home in Pelham stood at $380,733 up 1.2% over the $376,069 12 month average price reported at the end of December 2014. Last year at this time the figure was $347,774 representing a staggering annual average price increase of 9.5%.
The current average price level in Pelham reflects a 5-year average annual appreciation rate of 3.9% over the 12-month average price figure of $318,362 reported in January 2011.
The actual number of home sales in January slipped below last January results. According to Multiple Listing Service (MLS®) statistics of the Niagara Association of Realtors there were 10 residential transactions reported in Pelham this January compared to 14 last year – a 28.6% drop in monthly activity.
It was a different story in our neighbouring City of Welland with 41 transactions recorded for the month compared to 31 in 2014 representing a sales spike of 32%. The current 12-month average price in the Rose City now stands at $198,480 up 6.2% over the 12-month average price of $186,802 recorded in January 2014.
Market activity was brisk across the Niagara in January with 352 transactions reported region wide (excluding Grimsby) reflecting a 19.7% increase over last year’s level of 294 units sold in January. Niagara’s 12-month average price reached $254,046 in January up 5% over last year’s figure of $242,035.
Local sales results are continuing to outpace market supply as the inventory level of re-sale listings keeps dropping to record lows. This under supply of inventory is combining with record low borrowing costs to ignite our local housing activity– expect this accelerated price growth to continue into the Spring Market.
This article is part of our series of ‘Real Estate View’ columns published in the Pelham News.
PLEASE NOTE: Average Sale Price Figures in chart above are calculated based on sales made during the month of January 2015 ONLY – the figures included in our Monthly Real Estate View columns are based on 12-Month Average – in this case sales activity between Feb.1, 2014-January 31, 2015.
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Categories: Real Estate Market Update