JUNE 2014 Update: Local home sales continued at a steady pace in June. The Niagara Association of REALTORS® reported 32 residential transactions in Pelham during the past month– up 28% from the total of 25 sales recorded in June 2013. At the halfway point of the year total sales have reached 126 units representing a 2.4% increase over last year’s January to June tally of 123 transactions.
Across the Niagara region, sales activity was brisk across all of the Niagara Region during the month of June. There were 654 unit sales reported for June in the areas serviced by the Niagara Association of REALTORS® (all of the Niagara municipalities excepting Grimsby). This total reflects a 7.9% surge over last year’s figure of 606 units sold in June.
So far this year there have been 3115 residential sales reported in Niagara - an increase of 3% over the total of 3025 unit sales recorded during January to June 2013. Sales in our neighbouring City of Welland have spiked 11.4% so far this year with 381 transactions reported between January and June compared to 342 last year.
It should come as no surprise that the hot summer market is also heating up average house prices. The Niagara12 month average price reached $246,992 in June – up 4.4% over the June 2013 figure of $236,654.
In Pelham the average price now stands at $349,832 climbing 3.4% compared to $338,174 in June 2013. The 12-Month Average Price in the Rose City is up 1.5% rising to $ 188191 from $185,434 in 2013.
The combination of Niagara’s incredible lifestyle appeal and affordable housing prices is an irresistible draw to Baby Boomers who are either retiring home to Niagara or are new settlers to the area. Expect our local rising average price trend to continue as the price gap between Niagara and the GTA keeps fueling the market.