|Niagara home sales continued to rise in 2019 despite declining supply. 2020 is predicted to be another challenging market for buyers with multiple offers and another year of increasing prices on the horizon.
The annual residential home sales activity recorded through the MLS® system for the Niagara Association of REALTORS® (NAR) totalled 6,002 units in 2019 climbing 7.3% from the same period in 2018.
The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. In December 2019, the overall MLS® HPI composite benchmark price for the Niagara region for single-family homes was $439,200, up 9.1% on a year-over-year basis. By comparison, the benchmark price for townhouse/row units was $362,000, rising 12.9% compared to a year earlier while the benchmark apartment price was $298,800, rising 7.1%.
Months of inventory numbered only 3.4 at the end of December 2019, down from the 4.3 months recorded at the end of December 2018 and below the 10-year average of 5.3 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
If you’re thinking of making a move in the coming year or even if you are just curious about the current value of your home. Give us a call, we are always happy to discuss current trends and serve as your local real estate resource team.
All the best,
John & Cathy
|John Bosse & Cathy Berkhout-Bosse
TEAM BERKHOUT BOSSE
Remax Welland Realty Ltd.