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Real Estate Market Updates & Helpful Tips
Expert Advice- Why Experience COUNTS!
I was chatting with a friend the other day and we got talking about real estate “horror stories”. For each one that came up I offered my advice concerning how a prudent and well seasoned Realtor would have prevented each of the situations from happening. My friend...
Niagara Tourism Beyond the Falls
According to a Destination Niagara Image Survey conducted in 2008 there is a lack of knowledge of or appreciation for Niagara beyond the Falls and visitors to our area perceive that the Niagara region is weak for interesting towns, recreation, agritourism and the food...
Pelham Market Review: February 2010
Average House Price on the rise The housing market continues its healthy upward trend across the Niagara Region, with significant increase in both number of sales and sale value. This trend is expected to continue through to late Spring as we approach the...
How “Saleable” is Pelham?
Curb appeal is one of the most important aspects of real estate marketing and the initial consideration when planning to make a house more saleable. Imagine that you have arrived in Pelham for the first time – what do you see? How pedestrian friendly does it appear....
We Help You “Find it Local”
As real estate professionals, it our primary goal to provide our clients with the most thorough information possible when it comes to finding a place to live. Each and every day John and I actively promote the value of our vibrant Niagara lifestyle and...
Pelham Real Estate 2009-the Year that Was
As we enter the starting days of the 2010 decade I once again find myself contemplating the incredible difference a year can make. Last year’s trepidation and lack of consumer confidence have been replaced by a resounding spirit of resiliency. During the opening...
Pelham Scores Top Results in Niagara
Residential re-sale market activity in Pelham is continuing its upward trend into the final months of 2009. A total of 29 single family MLS sales were reported during the months of October and November 2009, an overall increase of 93% over the total of 15 transactions...
Economic Development Benefits: Community Portal Website
MyPelham.com is a community portal website that my marketing company, Tiger Eye Solutions, is currently developing along with joint venture partner, Melissa Wells of Ex Nihilo Web Designs. This article summarizes the community economic and tourism benefits that a...
Local REALTORS® work to improve Quality of Life in Niagara
As local REALTORS® our work contributes dramatically to the quality of life in our local communities and the Niagara Region as a whole. We sell much more than homes. We sell the livability of our communities and as local citizens we actively participate in a wide...
Real Estate Taxation is a Shell Game
The real estate market, whether it is through development charges, market value assessment rates, land transfer taxes, capital gains taxation or broader application of provincial sales tax rates, has become an easy target for ever increasing varieties of tax...
Common Vision for Pelham-”Yes we can!”
In Pelham, our political landscape has been littered lately by accusations of conspiracies, hijackings, hidden agendas and elitism. How much better would it be if the picture was focused instead on images such as common vision, engaged citizenship, collaboration, and...
Pelham Local Economy is an Endangered Species
Unlike many Ontario communities where big-box retailers and multi-national corporations dominate the retail landscape, Pelham continues to function as a rare local economy. Decisions that impact local jobs, wages and the quality of life of our community are made in...
An Economic Vision for Pelham
Why don’t we take our Town vision statement a step further and translate it into an all encompassing marketing message that can serve to unite and promote our entire community? Perhaps our theme will not be retirement but a more holistic, multi-generational, sustainable living centred focus.
Pelham Real Estate 2008-the Year that Was
As we launch into the resolution stage of the post holiday season one cannot help but shake their head in wonder at what a difference a year can make. During 2008 the local real estate market entered into a remarkably sudden, yet long anticipated, recessionary phase that followed in the wake of an incredible decade long run.
The year began optimistically after the Pelham market had experienced another record breaking year in 2007. At $312,134, the MLS average single family house had exceeded $300,000 for the first time ever. Residential single family sales totaled an unprecedented 227 units. During the first quarter it seemed that the record pace would continue. Year-to-date residential single family sales at 40 units was at the same level as the first quarter of 2007 and the 12-Month average sale price at $310,831 was just marginally below the previous year-end figure.
However, by the second quarter a different story was beginning to unfold. Total unit sales for Apr.-June 2008 were 62 compared to 92 for Apr.-June 2007 resulting in a 22.7% drop in year-to-date unit sales. By the end of June 2008 the 12-Month average sale price had fallen 3.3% to $301,666. As we entered into September, the already decelerating local market situation was further compounded by the global stock market plunge. Although the Jan-Sept. 2008 year-to-date unit sales decrease had stabilized to a 17% decline, the 12-Month average sale price fell further to $298,817 representing a 4.3% drop in average price.
Nothing could have prepared us for the complete lack of consumer confidence that strangulated the real estate market in the fourth quarter of 2008. Total single family residential unit sales for Oct-Dec. dropped 43.6% reflecting 22 units sold compared to 39 during the same period in 2007. The final 2008 year end tally for Pelham was 178 single family residential MLS sales. This total represents a 21.6% decline in unit sales compared to the previous year. The year-end average sale price was $295,179 or 12.1% less than the mark achieved in 2007.
Yes indeed-what a difference a year can make. Many homeowners whose only experience of the market has been frenzied year upon year price increases may be looking towards 2009 with fear and trepidation. Those of us who have adapted to down markets in the past merely shrug our shoulders, and with a slightly melancholic sigh, remind everyone “that this too shall pass”.