Home Sales Slow Down in April

Niagara Association of REALTORS® April Market Report

May 4th, 2017, Niagara - The Niagara Association of REALTORS® (NAR) reported 852 property sales processed through the NAR Multiple Listing Service (MLS®) system in April. This represents a 4.9% decrease in sales compared to April of last year.

The residential average sale price of $418,950 was 37.8% higher than last April. The average days on market decreased from 46 to 28 in the residential freehold market and decreased from 75 to 25 in the condominium market.

In Pelham, residential sales dropped by 27% with 27 transactions for the month of April compared to 37 last year. There were 95 sales for the month in Welland representing a 13.6% slide from the April 2016 total of 110 sales.

“For the first time in almost a year the number of new listings increased over new listings in the previous year,” said Carolyn Bones- Poley, CEO of the Niagara Association of REALTORS®. “In April we had 971 residential listings vs. 950 last April”, said Bones-Poley. “The average price of a residential home in Niagara increased by 38% in April 2017 compared to April 2016. At the same time average days on market continues to decline. We can’t stress enough the importance of buyer’s and seller’s to use a real estate professional who can offer advice for navigating this fast-paced market.”

“Though monthly statistics only provide a limited picture of the market, it is obvious that residential resale activity across Niagara remains strong, and we continue to experience a seller's market, with high demand and low inventory”, said Randy Mulder, President of the Niagara Association of REALTORS®. “To get a clearer opinion of what is happening on any particular street in any of Niagara's 12 municipalities, the best thing to do is contact a REALTOR®.”

Please refer to the accompanying chart for residential market activity in select areas in NAR’s jurisdiction.