|This year the Fall market is reflecting a time of moderation in our local real estate industry. After several years of unprecedented activity and price appreciation, we are now seeing a return to more normal market conditions.
The MLS® system for The Niagara Association of REALTORS® (NAR) recorded a total of 410 units sold in October 2022, compared to 774 units in October 2021. During the same time frame there were 1038 residential properties listed compared to 865 in October 2021. The average days it took to sell a home in October 2022 was 44 days, compared to 19 days in October 2021.
The supply of homes for sale is finally showing signs of improvement as inventory is on the rise. With more choice available, sale prices are trending back to what we were experiencing in Spring/Summer 2021 – still significantly above pre-pandemic price levels.
At month end, the overall MLS® HPI composite benchmark price for the Niagara Region was $653,500. This represents a decrease of 4 % compared to October 2021.
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