Home sales down in Niagara compared to last summer

Home sales in Niagara are down compared to last year.

The Niagara Association of Realtors reporting that 615 property sales were made in July, which is down 5.7% compared to July of last year.

The average days on market increased 38.5% from 26 to 36 in the residential freehold market and decreased 5.1% from 39 to 37 in the condominium market.

The average sale price of $400,527 had an increase of 6.6% versus last July while the number of active residential property listings increased by 29.9% versus July 2017.

The average home sale price in St.Catharines is $385,000, in Niagara Falls $370,000, in Niagara-on-the-Lake $749,000 in Lincoln $554,000, and in Fort Erie $389,000.

“The trend of the market finding its balance v.s. 2016 and 2017 is encouraging. The year to date statistics provide an excellent perspective when evaluating how the market is performing. It is encouraging to see that the residential prices in Niagara have held while overall inventory has increased” said Stephen Oliver, President of the Niagara Association of Realtors.