Housing market in Niagara continues to cool

Homes in Niagara are spending more days on the market than they were at this time last year.

A report from the Niagara Association of Realtors shows the average days on the market for residential sales in May increased 72% - a jump from 18 days to 31.

The average sale price didn't budge, coming in at  just over $407,600 - an increase of less than 0.4%.

Overall, the dollar value of all homes sold in May of this year fell 17.7% when compared to May of last year.

"The story with these numbers is that our region continues to find balance vs the fast-paced market of 2017. While the percentages are significant vs a year ago, we need to bear in mind the remarkable activity that 2017 delivered,” Stephen Oliver, President of the Niagara Association of REALTORS®, says via a release.

Image courtesy Niagara Association of Realtors