July 7th, 2017, Niagara - The Niagara Association of REALTORS® (NAR) reported 785 property sales processed through the NAR Multiple Listing Service (MLS®) system in June. This represents a 22.28% decrease in sales compared to June of last year.
The residential average sale price of $457,456 was 34.08% higher than last June. The average days on market decreased from 40 to 23 in the residential freehold market and decreased from 114 to 22 in the condominium market.
“The housing market in Niagara continues to be strong and steady heading into the summer months,” said Randy Mulder, President of the Niagara Association of REALTORS®. “We saw a nice rise in inventory, without any erosion of sale prices. Hopefully a better balance between supply and demand keeps us vibrant and active, allowing people to buy and sell their property without undue stress. Obviously, having a REALTOR® assist them remains in their best interest.”
Please refer to the accompanying chart for residential market activity in select areas in NAR’s jurisdiction.
Total sales, average sale price and days on market comparison of June 2016 and June 2017 in all jurisdictions of the Niagara Association of REALTORS®.