Welland was one of the leading markets in Niagara entering the 2014 home stretch according to according to MLS® system reports of the Niagara Association of REALTORS® released in December.
There were 53 unit sales in the Rose City during the month of November - up 18% from the total of 45 sales recorded in November 2014.
Other Niagara communities that experienced market surges during November included St. Catharines, Thorold, Port Colborne/Wainfleet and Niagara Falls with increases of 63%, 41%, 18.5% and 4% respectively. Pelham residential sales held steady at the same pace as last year with15 MLS® transactions reported in November 2104 - identical to the tally for November 2103.
The November sales rally across the Niagara Region resulted in a 23.8% sales increase overall with a total of 483 units sold this month compared to 380 last year. On a year-to-date basis residential sales in Niagara are now .07% ahead of last year.
Sales activity in Welland is well ahead of regional levels. With 711 transactions reported so far this year compared to 632 last year, year-to-date sales have jumped 12.4% in our local community. Year-to-date sales in Pelham now stand at 224 units – up 9.3% from the total of 205 at this time last year.
The 12-month average price in Welland continues to climb at a healthy pace increasing 5.4% to $197,217 from $187,187 in November 2013. In Pelham, the 12 Month average price is up 7% climbing to $372,481 from $347,987 while the figure for all of Niagara grew by a more modest 1.3% rising from $249,172 in November 2013 to $252,408 this year.
The month of November also saw an increase in the number of new listings on the market with listings up 17.4% in Welland and 24% across Niagara as a whole. Should this trend continue we can expect to see average price increases leveling off in the coming year.
Cathy Berkhout-Bosse, H.B.A. is a real estate broker at ReMax Welland Realty Ltd. You may read past Local Market Update articles at http://www.NiagaraRealtySourceReport.com
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