Residential home sales activity recorded through the MLS® system for The Niagara Association of REALTORS® (NAR) totalled 715 units in July 2019. This was an increase of 21.6 per cent from July 2018 and an increase of 1.9 per cent from June 2019.
The dollar value of all home sales in July 2019 was $320.4 million, a 35.5 per cent increase from the same month in 2018. It was the first time on record that the sales volume of July home sales in Niagara has topped the $300 million mark.
“Home sales have continued to be strong throughout July,” says Deanna Gunter, President of the Niagara Association of REALTORS®. “A healthy supply of listings combined with increased sales have made a busier-than-normal market for July.” The MLS® Home Price Index (HPI), tracks price trends far more accurately than is possible using average or median price measures.
The overall MLS® HPI composite benchmark price for the Niagara region was $416,700 in July 2019. This was an increase of 5.9 per cent compared to July 2018. The characteristics of the HPI composite benchmark is a home between the age of 51 to 99 with three bedrooms and two bathrooms. A full list can be found here.
“NAR is proud to provide the latest and most accurate market statistic information,” says Deanna Gunter. “The comprehensive data provided by the MLS® HPI puts accurate information in the hands of local REALTORS® who can use it to their clients benefit regardless of whether they are buying or selling.”
REALTORS® listed 1219 residential properties in Niagara jurisdiction last month, an increase of 12.7 per cent compared to July 2018 and a 5.1 per cent increase from June 2019. The average days it took to sell a home in July was 35 days, compared to 37 days in July 2018. Please refer to the chart below for residential market activity in select areas in NAR’s jurisdiction.
About The Niagara Association of REALTORS®
The Niagara Association of REALTORS® represents over 1200 REALTORS® serving the communities of Fort Erie, Fonthill/Pelham, Lincoln, Niagara Falls, Niagara-on-the-lake, Port Colborne/Wainfleet, St Catharines, Thorold and Welland. Our mission is to empower REALTORS® to thrive. Our vision is to foster an environment where leadership and members provide influence, advocacy, enhance professionalism and business acumen.
SOURCE: Niagara Association of REALTORS® Media Release issued St. Catharines, ON (August 15, 2019)