With inventory levels slowly inching up we are now seeing the average price beginning to stabilize.
The number of homes sold through the MLS® System of the Niagara Association of REALTORS® (NAR) totaled 802 units in April 2022. This was a decline of 32% from April 2021. Despite the monthly pullback, it is important to note that sales activity remains strong. The current level of monthly home sales is still 8.9% above the five-year average of 736 sales for the month of April.
New listings trended up 3.9% over the level recorded in April last year. With the sales-to-new listings ratio falling to 52.6% from 66.1% in March 2022 – a considerable change from the record high of 80.3% reported in April 2022.
As a result of softening demand and increased listing activity the Months of Inventory has crept up to 1.4 compared to .8 in April 2022. Generally, a balanced market is considered to lie somewhere between 4 and 6 months of supply.
The April year-to-date Average Price of $858,942 reflects a decline of 0.5% from $863,142 reported in March 2022. This will be the statistic to watch carefully in the coming months ahead as the market moves towards more balanced conditions.