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Niagara Association of REALTORS® July Market Report

August 8th, 2017, Niagara - The Niagara Association of REALTORS® (NAR) reported 652 property sales processed through the NAR Multiple Listing Service (MLS®) system in July. This represents a 27.5% decrease in sales compared to July of last year.

The residential average sale price of $375,903 was 14.4% higher than last July. The average days on market decreased from 36 to 26 in the residential freehold market and decreased from 71 to 39 in the condominium market.

“Once again in July we saw an increase in inventory and a decrease in the number of homes sold in Niagara, compared to July of 2016,” said Randy Mulder, President of the Niagara Association of REALTORS®. “We are experiencing a market shift that has moved strongly from a “Seller’s Market”, to a balanced market.

Home buyers now have greater selection, and a less frenzied marketplace throughout the Niagara Region. Well priced, well presented homes are still very popular. The advice of a REALTOR® is crucial to both buyers and sellers, ensuring a smooth transaction.”

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 June 2016 and June 2017 in all jurisdictions of the Niagara Association of REALTORS®.

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