Media Release: Niagara Association of REALTORS® June Market Report
June 8th, 2016, Niagara - The Niagara Association of REALTORS® (NAR) reported 1,038 property sales processed through the NAR Multiple
Listing Service (MLS®) system in June. This represents a 13.1% increase in sales over June of last year.
The residential average sale price of $312,683 was 13.2% higher than last June. The average days on market decreased from 47 to 40 in the residential freehold market and increased from 79 to 114 in the condominium market.
Please refer to this chart below for residential market activity in select areas in NAR’s jurisdiction.
“The trend of fewer listings continued in June leaving a low inventory in Niagara,” Carolyn Bones-Poley, CEO, Niagara Association of REALTORS®. “With fewer listings and a higher number of sales the Niagara residential real estate market continues to be strong.”
“This is definitely a seller’s market,” said Niagara Association of REALTORS®, President Patrick Dummitt. “The average days on market decreased by 17% compared to June 2015. At the same time the average sale price increased by 13% compared to June 2015. With fewer listings the number of sales increased by 100 June 2016 compared to June 2015. This is definitely a really strong market and buyers should consider using a REALTOR® to help them navigate this red hot market.”