It was a Happy New Year celebration indeed for our local real estate market. Sales levels hit record heights in Pelham this past year while the average price in Welland spiked dramatically.
Residential sales in Pelham reached 232, a healthy 7.9% increase over the total of 215 recorded in 2013. This year-end tally reflects the highest total of MLS® sales recorded in Pelham for the past ten years according to the sales reports of the Niagara Association of REALTORS® . We can expect this trend to continue as the overall population of the community grows in conjunction with the Town’s urban area expansion.
The year started off slower than last year with First Quarter sales lagging 14% below 2013. However, with increases of 14% in the 2nd Quarter and a 50% hike in the 3rd Quarter the overall year ended on an upswing despite a drop of 20% in the 4th Quarter. As you can see the economic recovery continues to be a bit of a bumpy ride.
The spiraling average price growth is the number to watch in Pelham during 2015. The 12-month average price in Pelham now stands at $376,069– up 8.2% from the figure of $347,520 recorded at year-end 2013. In comparison, the National average annual price growth rate was 5.5% as of the end of November 2014.
This past year was a year of significant recovery for the real estate market in the City of Welland. The average price in the Rose City climbed an impressive 6.6% from $185,747 in December of 2013 to the 2014 year-end figure of $198,039 - a big change from the 2012-2013 marginal increase of 0.6%.
The year-end MLS® sales reports of the Niagara Association of REALTORS® indicate that sales activity in the Rose City jumped 11.8% in 2014. In total, there were 768 residential sales reported compared to 687 transactions recorded in 2013. The past year’s activity level also outpaced the 2009-2013 5-year average of 758 annual transactions.
Across Niagara (excluding the Town of Grimsby) there were 6316 homes sold during 2014 compared to 5891 in 2013 representing a 7.2% surge in regional activity.
By year-end the Niagara 12-month average sale price reached $$252,751 up 4.9 % from the figure of $240,899 recorded at the end of December 2013. This annual growth rate represents acceleration in price growth compared to the 3.5% increase in average price reported between year-ends 2012 and 2013.
According to the RE/MAX Housing Market Outlook 2014 released in December most regions across Canada posted modest gains in average residential sale price in 2014. It is anticipated that prices will rise at a slower rate in 2015 due to an increase in inventory going into the New Year. The value of an average Canadian home is predicted to climb 2.5% to a national average price of $416,300.
This article is part of our Series of “Real Estate View” Columns published in the Pelham News.
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