Residential home sales activity recorded through the MLS® system for The Niagara Association of REALTORS® (NAR) totaled 724 units in May 2019. This was an increase of 2.12% from May 2018.
On a year-to-date basis, home sales totalled 2,834 units over the first four months of the year, up 8.3% from the same period in 2018.
The MLS® Home Price Index (HPI), tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price for the Niagara region was $410,500, up 5.4% in May 2019 compared to May 2018.
The benchmark price for single-family homes was $418,100, up 5.2% on a year-over-year basis in May.
By comparison, the benchmark price for townhouse/row units was $335,300, up 5.9% compared to a year earlier while the benchmark apartment price was $283,700, up 9.7%.
The average price of homes sold in May 2019 was a record $506,220, up 10.42% from May 2018. The more comprehensive year-to-date average price was $435,2176, climbing 8.3% from the first four months of 2018.
The dollar value of all home sales in May 2019 was $336.6 million, an 16.2% increase from the same month in 2018. It was one of just a handful of times in history that the MLS® system for The Niagara Association of REALTORS® has processed more than $275 million in a single month.
“The NAR statistics indicate that the spring market is indeed, here,” said Carolyn Bones-Poley, Chief Executive Officer of the Niagara Association of REALTORS®. “We continue to see a steady market as we head into peak-season. If you are looking to buy or sell this summer, now is a great time to contact a local REALTOR!®”
Please refer to the chart below for residential market activity in select areas in NAR’s jurisdiction