October home sales in Pelham jumped significantly over last year’s results with 15 units reported sold – more than double the total of 7 transactions recorded in October 2013. Year-to-date totals continue to outpace our 2013 level and remain well ahead of Pelham’s 5-year average.
According to the MLS statistics of the Niagara Association of Realtors there were 209 residential unit sales recorded in Pelham between January 1st and October 31st of this year compared to 190 in 2013, 185 in 2012, 176 in 2011 and 181 in 2010.
Sales in our neighbouring City of Welland edged down during the month of October with 67 sales reported for the month compared to 76 in October 2013. Year-to-date transactions, however, remain well ahead of last year with 685 sales reported between January and October this year - up a very healthy 11.6% over the total of 614 during the same time frame in 2013.
Across Niagara there have been 5629 year-to date transactions reported compared to a total of 5680 in 2013 5625 in 2012, representing a 0.9% decline in regional activity.
In Pelham the 12 month average sale price in October reached $366,317 – an increase of 3.1% from the October 2013 level of $355,125. During the same time frame 12 Month average price in Welland jumped 3.4% from $187,622 to $ $193,996.
The Niagara 12-month average sale price stands at $251,130 up 1.5 % from the figure of $27,416 recorded in October 2013. This annual increase represents a slow down compared to the 2.9% growth in average price reported between October 2012 and October 2013
The average selling time for Pelham homes in 2014 has dropped to 73 days compared to 84 days at this time last year. The average time on the market for home sales in Welland is 59 days while the figure for all communities of Niagara combined is 61 days.
This article is part of our series of REAL ESTATE VIEW columns published in the Pelham News.