Welcome to our latest TeamBB Real Estate Market Report, where we delve into the latest data, trends, and predictions for our local housing market.
Residential Home Sales Surge
In August 2023, residential home sales in Niagara saw a significant jump, with a total of 523 units sold compared to 457 units sold in August 2022. It's clear that the housing market is on the move, and demand remains strong.
Property Listings on the Rise
Listing activity also showed promise, as 1,220 residential properties were listed in August 2023 compared to 1,095 in the same month last year. This increase in listings provides more options for potential buyers and adds dynamism to the market.
Average Days on the Market
The average time it took to sell a home in August 2023 was 33 days, slightly longer than the 31 days in August 2022.
While the market remains robust, there have been some subtle changes in pricing. Prices declined by 1% from July to August 2023 and by 3.6% from August 2022 to August 2023. These shifts are indicative of the ongoing balance between supply and demand in the local market.
Stability Amidst Change
Despite these fluctuations, the local real estate market has shown remarkable stability that has been further supported by the recent announcement from the Bank of Canada on September 6th, confirming that interest rates will remain unchanged. This decision provides additional assurance to prospective buyers.
Inventory Shortage Persists
One persistent challenge in the current market is the shortage of available inventory. The demand for homes continues to outpace supply, making it a seller's market in many areas.
Looking Ahead to the Fourth Quarter
With the market maintaining its stability, a lack of inventory, and the recent news of unchanged interest rates, we predict a busy fourth quarter in the real estate sector.