April 4th, 2017, Niagara - The Niagara Association of REALTORS® (NAR) reported 928 property sales processed through the NAR Multiple Listing Service (MLS®) system in March. This represents a 26% increase in sales over March of last year.
The residential average sale price of $403,251 was 33% higher than last March. The average days on market decreased from 44 to 27 in the residential freehold market and decreased from 66 to 29 in the condominium market.
“The Niagara market continues to be one of low inventory and homes selling quickly,” said Carolyn Bones-Poley, CEO of the Niagara Association of REALTORS®. “Homes sell quickly in the current market and often buyers are competing for so few listings that the Association encourages all buyer’s to use a real estate professional who can offer the best advice for navigating this fast-paced market.”
“It is also noteworthy to mention the increase of commercial Real Estate in the Niagara Region, said Patrick Dummitt, President of the Niagara Association of REALTORS®. “Year to date for the month of March commercial Real Estate average price has increased an incredible 169.6% with the average number of commercial sales up 90.91%. This is a strong indicator that investors are confident to invest in Niagara,” said Dummitt. “Not only is the average residential price in Niagara and across Ontario inclining increasingly but the ratio of sales to listings is also increasing dramatically.”
“In an average market, it is not unusual to see a 50/50 listings to sales ratio over the term of the listing. Meaning 50% of the listings sell before the expiry date of the listing,” continued Dummitt. “In today's market in Niagara the ratio is over 85% of the listed properties sell before the expiry date of the listing. This in turn contributes to the "Supply and Demand" factor therefore creating a robust "Sellers Market.”
“All the more reason to enlist the services of a Professional REALTOR® to achieve the highest value for your property,” concluded Dummitt.