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Market Activity Rebounds in May

Sellers and Buyers are confident in the Real Estate Industry Safety Protocols being used to keep Niagara families moving.

Residential home sales activity recorded through the MLS® system for The Niagara Association of REALTORS® (NAR) totaled 473 units in May 2020. This was a decrease of 38% from May 2019.

“What a difference a month can make....After a significant decline in activity in April we have rebounded with a 30% increase in new listings and a 75 % increase in sales...overall from April to May in all areas of The Niagara Association of Realtors. Sellers and Buyers are confident in the Real Estate Industry Safety Protocols being used to keep Niagara families moving.” Said Terri McCallum, 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 $456,400 in May 2020. This was an increase of 11% compared to May 2019.

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. REALTORS® listed 768 residential properties in Niagara jurisdiction last month, a decrease of 42.1% compared to May 2019. The average days it took to sell a home in May remained unchanged at 41. (May 2019 to May 2020)

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

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