The Niagara Association of REALTORS® (NAR) has released its latest report on residential home sales activity, providing valuable insights into the local housing market.
Key highlights for January 2024:
Sales Activity: In January 2024, residential home sales recorded through the MLS® totaled 357 units, marking an increase from 302 units in January 2023.
Listing Activity: The NAR listed 882 residential properties in January 2024, compared to 771 in January 2023.
Days on Market: The average days it took to sell a home in January 2024 was 54 days, showing a 5.3% decrease from January 2023.
Housing Affordability and Inventory: While inventory is increasing, there remains an ongoing housing affordability crisis in the region. There is a pressing need for government focus on boosting housing supply to address this challenge.
Interest Rates and Market Outlook: With another Bank of Canada Interest Rate announcement expected in March, potential changes over the spring are anticipated. It is essential to monitor market developments closely.
MLS® Home Price Index (HPI): The overall MLS® HPI composite benchmark price for the Niagara Region was $616,200 in January 2024, reflecting a decrease of 1.7% compared to January 2023. The HPI provides a more accurate representation of price trends compared to average or median price measures. The characteristics of the HPI composite benchmark represent a home between the ages of 51 to 99 with three bedrooms and two bathrooms.
Stay tuned for further updates on the Niagara real estate market as we navigate through 2024.
