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Niagara Real Estate Report: May 2021

Residential home sales activity recorded through the MLS® system for The Niagara Association of REALTORS® (NAR) totalled 941 units in May 2021, compared to 483 units in May 2020 and slightly fewer than the 1,082 reported in April 2021.

In May, Niagara Association of REALTORS® listed 1,246 residential properties compared to 772 in May 2020 and slightly fewer than the 1,329l istings in April 2021. The average days it took to sell a home in May 2021 was 14 days, compared to 43 days in May 2020 and 15 days in April 2021.

The Canadian Real Estate Association has predicted that there will be more than 700,000 homes sold in Canada this year and current activity in the Region of Niagara confirms that we will be part of that record breaking pace.

There are many reasons why but let me suggest five:

  • "Our home no longer meets our needs."
  • "We want a smaller home with less work."
  • "We want to be closer to family and friends."
  • "We need and want different features in our home."
  • "We can make a significant profit if we sell now."

Whatever your reason, the 1373 members of The Niagara Association of REALTORS are here to help, to provide Niagara-centric market intelligence and create a proactive marketing plan that will help you and your family sell your home with a minimum of stress and disruption to your lifestyle, and for as much money as is possible. And if you are looking to Buy, do not miss that "perfect" home, let your Niagara REALTOR provide you with up-to-the-minute new listing information-after your Representative, you'll be the first to know!” Said Doug Rempel, President of the Niagara Association of REALTORS®.\

The MLS® Home Price Index (HPI), tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price for the Niagara Region was $648,100in May 2021. This was an increase of 40%c ompared to May2020 and 0.8% compared to April of 2021.The characteristics of the HPI composite benchmark is a home between the age of 51 to 99 with three bedrooms and two bathrooms.

A full list can be found in the accompanying chart in the Media Release as posted by the The Niagara Association of REALTORS.

 

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