Our local housing market is entering into the new year in solid shape, with predictions of another positive year of growth on the horizon.
Residential sales in Pelham reached 215, a healthy 2.87% increase over the total of 209 recorded in 2012. It is the surging average price growth in our community that is the number to watch in 2014.
The 12-month average price in Pelham continues to rise at a startling pace - now standing at $347,250– up 8.4% from the figure of $320,685 recorded at year-end 2012.
Conversely, the 12-month average price in Welland slipped marginally from $186,025 in December 2012 to the 2013 year-end tally of $185,620.
The preliminary year-end MLS® sales reports of the Niagara Association of REALTORS® indicate that sales activity in the Rose City dropped 7.1% in 2013. In total, there were 681 residential sales reported in Welland during the year compared to 738 transactions recorded in 2012.
Although the overall sales volume in Welland is lagging behind last year, listing inventory levels continue to trend down. The net effect of reduced supply is keeping the market in a tenative state of balance.
The average days on the market for homes sold in Welland shifted to 65 days an improvement over last year’s average of 72 days. In Pelham it took an average of 83 days to sell a home down from 88 days in 2012.
According to the RE/MAX Housing Market Outlook 2013 released in December new peaks in average price were realized in almost every one of the 26 major centres across the country examined in 2013, with the national average forecasted to appreciate 4% by year-end.
Next year national home sales are expected to climb another two per cent to 475,000 units while the value of an average Canadian home is predicted to jump another 3% to a national average price of $390,000.
This article is part of our series of REAL ESTATE VIEW columns published in the Pelham News.