The housing market is off to a brisk start despite the extreme winter weather conditions that we have been experiencing in our local area. According to Multiple Listing Service (MLS®) statistics of the Niagara Association of Realtors there were 15 residential transactions reported in Pelham this January compared to 11 last year - a 36% spike in monthly activity.
In fact, last month’s sales total represents the highest level for January since 2010 when 17 sales were recorded and is significantly above the 5-year average of 11 units for the month.
As of the end of January the 12-month average selling price of a home in Pelham stood at $347,774 up marginally over $347,250 12-month average price reported at the end of December 2013. Last year at this time the figure was $325,630 reflecting a 6.8% annual average price increase.
The current average price level in Pelham reflects a 5-year average annual appreciation rate of 3.6% over the January 2009 12-month average price figure of $294,933.
Unit sales in Welland dropped slightly during January with 31 transactions recorded for the month compared to 35 in 2013. The current 12-month average price now stands at $ $185,971 in the Rose City representing an annual appreciation rate of approximately 2% per year over the 12-month average price of $169,252 recorded in January 2009.
The average price for the Niagara Region (not including Grimsby) was $242,385 as at the end of January up 3% per year on average from the January 2009 12-month average price of $210,726.
According to the Housing News Flash released by Scotiabank on January 15th, 2014, last year’s “volume of sales transactions was largely on par with 2012 as well as the average pace of the past decade” and we can expect “market conditions remain fairly well balanced, though slightly favour sellers at the margin, putting continued modest upward pressure on prices.”
Good news to kick off the New Year indeed.
This article is part of our series of REAL ESTATE VIEW columns published in the Pelham News.