It was a Happy New Year indeed for our local real estate market.
By year-end 2016 the Niagara 12-Month average sale price reached $321,395 up 13.92% from $280,221 recorded at the end of December 2105.
The Niagara Association of REALTORS® (NAR) reported 8,441 residentail sales processed through the NAR Multiple Listing Service (MLS®) system during 2016 compared to 7289 in 2015, representing a 15.8% surge in regional activity.
In Pelham residential sales activity jumped 14.8% with the 12-month average price reaching $461,127 up 14.4% from the figure of $403,110 recorded at year-end 2015.
It was also a banner year in Welland with a whopping 20.5% year over year spike in sales volume. The 12-month average price in the Rose City jumped 9.3% from $217,658 in 2015 to $237,880 in 2016
Please refer to the chart below for residential market activity in all areas in NAR’s jurisdiction.
Expect this red hot market to continue in 2017 as listing inventory remains low while demand for Niagara real estate continues to surge.
Interested to know what the value of your home is in Today's market? We are always happy to give you an update whether or not you are planning a move in the near future.
Have a happy, healthy start to the year!
John & Cathy
