Niagara Association of REALTORS® August Market Report
September 8th, 2017, Niagara - The Niagara Association of REALTORS® (NAR) reported 633 property sales processed through the NAR Multiple Listing Service (MLS®) system in August. This represents a 25.8% decrease in sales compared to August of last year.
The residential average sale price of $391,065 was 17% higher than last August. The average days on market decreased from 35 to 31 in the residential freehold market and decreased from 76 to 33 in the condominium market.
“The trend toward a more balanced market continued in August,” said Carolyn Bones-Poley, CEO, Niagara Association of REALTORS®. “The sales to new listing ratio is approximately 68% in August which is still indicative of a seller’s market but is definitely more balanced than earlier this year,” said Bones-Poley.
“The Niagara real estate market continues to see a seasonal adjustment from the high volumes experienced in the first quarter to a more balanced market heading into the fall,” said Randy Mulder, President of the Niagara Association of REALTORS®. “The market is ripe for strong sales through autumn, with both buyers and sellers able to achieve their goals, assisted by professional REALTORS®.”
Please refer to the accompanying chart for residential market activity in select areas in NAR’s jurisdiction.
Total sales, average sale price and days on market comparison of August 2016 and August 2017 in all jurisdictions of the Niagara Association of REALTORS®.