Pelham residential home sales dropped off significantly this past month with 7 transactions recorded this year compared to 15 in October 2012.
Year-to-Date Total Sales Level Still at 5-Year High
Despite a slow showing for October, total sales so far this year continue to outpace our 2012 level and remains ahead of Pelham’s 5-year average. According to the MLS statistics of the Niagara Association of Realtors there were 190 residential unit sales recorded in Pelham between January 1st and October 31st of this year compared to 185 in 2012, 176 in 2011, 181 in 2010 and 189 in 2009.
Total Sales in Niagara Region Marginally Ahead of Last Year
Across Niagara there have been 5680 year-to date transactions reported compared to a total of 5625 in 2012, representing a marginal 0.1% increase in regional activity.
Pelham's Average Price is Up 12%! Niagara is Up 2.9%
In Pelham the 12 month average sale price in October reached $355,125 a staggering 12% spike from the October 2012 level of $316,954. The Niagara 12-month average sale price stands $247,416 up 2.9%in the past year.
The average selling time for Pelham homes in 2103 has dropped to 83 days compared to 90 days at this time last year. The average time on the market for all communities of Niagara combined is 64 days.
The most recent national homes sales report released by The Canadian Real Estate Association (CREA) on October 15th of this year indicated that sales were up in about 75 per cent of local markets, led by gains in Greater Vancouver, Calgary, Edmonton, and Greater Toronto.
Overall the housing market continues to be bolstered by the combined impact of low mortgage rates and continued low inventory levels across Canada.
Expect a bit more competition among buyers for limited inventory in the months ahead.
This article is part of our Series of “Real Estate View” Columns published in the Voice of Pelham.