Real estate remains strong despite sales drop

While real estate sales are slowing down across Niagara, home values continue to climb.

The Niagara Association of Realtors recently released sales statistics for June, showing the number of homes sold in the region dropped by 22.28 per cent compared to sales in June, 2016 – about double the 11.4 per cent drop in sales recorded across the country.

There were also significantly fewer sales in Niagara compared to a month earlier, with 785 properties sold in June, and 955 sales in May. That’s a 19.5 per cent drop, compared to 6.7 per cent across Canada – the largest monthly national drop since 2010.

Real estate prices, however, continue to climb across Niagara with average home values about 34.08 per cent higher than a year earlier.

In a statement posted on the association’s website, Niagara Association of Realtors president Randy Mulder said Niagara’s housing market continues to be strong and steady.

“We saw a nice rise in inventory, without any erosion of sale prices,” Mulder said. “Hopefully a better balance between supply and demand keeps us vibrant and active, allowing people to buy and sell their property without undue stress.”

Although Welland continues to offer the least expensive average home prices in the region, prices continue to climb. Avereage prices there reached $340,993 in June – up from $304,000 a month earlier, and $236,409 a year ago.

Niagara-on-the-Lake saw significant average sale price increases to $882,687 in June, compared to $804,459 in May and $541,480 in June 2016.

Despite significant price increases across the region compared to a year earlier, other Niagara municipalities saw slight month-to-month changes in real estate values.