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Local Real Estate Update – Still a Brisk Seller’s Market

As the first quarter of 2018 is drawing to a close we continue to experience the effects of an under supplied Seller's Market. In the entry level price ranges multiple offers are the norm with sale prices surging $20,000 to sometimes $40,000 over list price.

Although the total number of sales is actually on the decline in Niagara our average price is showing steady growth. The Niagara Association of REALTORS® (NAR) reported 463 property sales processed through the NAR Multiple Listing Service (MLS®) system in February. This represents a 33.19% decrease in sales compared to February of last year.

The residential average sale price of $392,875 was 6.72% higher than last February. The average days on market increased from 35 to 41 in the residential freehold market and decreased from 54 to 43 in the condominium market.

Here's a quick overview of residential market activity in select areas in NAR’s jurisdiction.

If you are wondering about taking advantage of this market or you happen to know someone who is, give me a call. We can help navigate this year’s spring market, and ensure any purchase and/or sale goes smoothly.

All the Best!

John & Cathy

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