As we (slooooowly) ease into spring, real estate markets tend to get more active as buyers buy and sellers sell. In this month’s report, we have looked across Niagara for the first 90 days of the year for 2018 and compared the same time frame to 2017 and 2016.
Real estate has been a very hot topic the last few years so naturally everyone is curious to see what happens as we move into the warmer months of 2018.
There are some interesting factors that we’ve seen across Niagara that will be interesting to watch as we move forward. These include:
Number of sales. This is one of the sexy stats that is being thrown around. “Number of homes selling plummets by 24%.” In fact, the number of sales in most cities saw a fairly hefty decline year over year from last year. The other fact though is that sales from 2014 through to 2017 were also UP a fairly hefty amount.
Examples of 2015 through 2017 to 2018:
Welland sales:
2015 171 sales
2017 232 sales
2018 171 sales
Niagara Falls:
2015 272 sales
2017 408 sales
2018 304 sales
St.Catharines sales:
2015 456 sales
2017 552 sales
2018 433 sales
Average Sale Price: Meanwhile, the average sale price has maintained its steady course with year over year increases in the 5 to 10% range across all of Niagara (except Thorold where new construction can have significant effects over short periods of time).
Days on the Market (DOM): Have bounced back up to more typical numbers. 40 days on the market in 2015 dipped down to 20 or less through 2017 however the time has bounced back up to 30 or 40. These are rough numbers but give a fair idea of what we’re seeing across Niagara.
So, with no further delay, here is the McGarr Market Report for the first 90 days of 2018.
If you have any questions, please do not hesitate to reach out and we will connect you with one of our Realtor team.
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