It’s been a banner first half of the year for the Niagara real estate market. So far this year residential sales across the Region are up 19.6% with the Niagara Association of REALTORS® reporting 3725 residential transactions between January and June compared to 3115 last year and 3025 in 2013.
Market activity in our local communities of Welland and Pelham also reflect this upward trend. Sales in the Rose City have spiked 10.2% so far this year with 420 transactions reported between January and June compared to 381 last year and 342 the year before.
In Pelham, total unit sales jumped 10.3% with 139 residential transactions in Pelham between January and June compared to 126 last year and 123 in 2013.
Sizzling summer market is heating up average house prices
Niagara Average Price UP 6.8%
The Niagara 12-month average price in the areas serviced by the Niagara Association of REALTORS® (all of the Niagara municipalities excepting Grimsby) now stands at $263,815. This figure reflects a jump of 6.8% from the 12-month average price of $246,992 recorded at the end of June 2014.
This year’s results represent a significant acceleration in the growth rate of house prices when compared to the annual average price increase of 4% recorded in June 2014 and 3.2% in June 2013.
Welland Average Price UP 9.3%
The 12-month average price in the Rose City is up 9.3% rising to $206,775 from $189,112 in 2014 – a staggering leap from last year’s 2.1% climb from $185,217 in 2013.
Pelham Average Price UP 15.1%
In Pelham the average price now stands at $402,086 compared to $349,197 in 2014, and $338,174 in 2013 – reflecting annual price growth rates of 15.1% and 3.3% for the past two years respectively.
The combination of Niagara’s outstanding lifestyle appeal and affordable housing prices is enticing more and more homebuyers to relocate into our area. The rising average price trend is fueled by the price gap between the Niagara and the GTA marketplace along with the continued under-supply of listing inventory.
Categories: Real Estate Market Update