The Niagara Association of REALTORS® (NAR) reported 570 property sales processed through the NAR Multiple Listing Service (MLS®) system in October. This represents a 1.2% decrease in sales compared to October of last year.
The average days on market increased 10.3% from 39 to 43 in the residential freehold market and decreased 8.7% from 46 to 42 in the condominium market from this time last year.
The residential average sale price of $417,993 had an increase of 8.0% versus last October while the number of active residential property listings increased by 21.4% versus October 2017.
Year to date, residential property transactions total 5,543 v.s. 6,399 for 2017 and 5,105 in 2013. This represents a decrease of 13.4% versus 2017 and an increase of 8.6% versus 2013. Despite the trend of an increase in the average days to sell v.s 2017, it is worth noting that the current average of 38 days to sell is 32.1% lower versus the 56 average days to sell at this time in 2015. The sales price to list price ratio of 97.8% versus 99.7% in 2017 remains relatively steady.
“It is encouraging to start the fourth quarter with continued stability in the residential sales data. The year to date statistics provide the perspective needed when evaluating the current market conditions. The Niagara Region continues to be a great choice for those considering home ownership.” said Stephen Oliver, President of the Niagara Association of REALTORS®.
Please refer to the accompanying charts for market activity in select areas in NAR’s jurisdiction.