The Spring Market has arrived early in Pelham this year. Local home buyers are not letting the cold weather slow down their house shopping plans.
According to the MLS statistics of the Niagara Association of REALTORS® there were 26 residential sales reported in Pelham during January and February of this year – up 13% compared to the 23 sales during the same months in 2013. The homes that sold in February took, on average, 80 days to sell.
The average sale price continues to climb. As of the end of January 2014 the 12-month average price stood at $347,681. By the end of February this figure climbed to $349,931 representing a 0.6% increase in one month. This current average price level is 7.5% higher than the 12-month average price of $325,645 recorded as of the end of February 2013.
The positive local trends are also impacting our neighbouring City of Welland. Year-to-date activity is up 12.6% in the Rose City with 87 homes reported sold in January and February compared to 79 last year. Welland’s 12-month average price has climbed 1.5% - from $185,137 in February 2013 to the current level of $187,962.
During February the average time on the market for a home selling in Welland was 52 days – a much faster pace than Pelham and also quicker than the Niagara average of 69 days
Market activity is on the rise across all of Niagara*. As of the end of February there were 710 transactions reported region wide (excluding Grimsby) reflecting a 5% increase over last year’s level of 676 units sold in January and February. Niagara’s 12-month average price reached $ $242,120 in February up 3.5% over last February’s tally of $233,854.
Local sales results are outpacing market supply with listing inventory levels continuing to drop to record lows. The net effect is causing accelerated price growth throughout Niagara.*The Town of Grimsby is not included in the Niagara Association of REALTORS® market area.
This article is part of our series of REAL ESTATE VIEW columns published in the Pelham News.