Niagara home prices rebound in July

After a few months of decline, the value of Niagara real estate has slowly begun to increase.

But homes aren’t selling as fast as they were a year ago.

Still, Niagara Association of Realtors president Stephen Oliver called July’s sales results, published last week, encouraging.

“The year-to-date statistics provide an excellent perspective when evaluating how the market is performing,’ he said in a media release.

Oliver, a broker from Coldwell Banker Momentum Realty, called it “encouraging to see that the residential prices in Niagara have held while overall inventory has increased.”

The average sale price of Niagara homes at $400,527 was 6.6 per cent higher than in July 2017.

Niagara-on-the-Lake was the only municipality that saw a decrease in average sale prices, dropping to $749,300, from, $795,221 last July. Property values in the town however, remain far higher than other communities.

NAR reported 615 property sales processed in July, which is 5.7 per cent fewer than July 2017.

Homes also remained on the market for an average of 36 days, compared to 26 a year ago for a 38.5 per cent increase. Condominiums, however, sold slightly faster than a year ago, being listed for an average of 37 days compared to 39 in 2017 — a 5.1 per cent decrease.

Allan.Benner@niagaradailies.com 905-225-1629 | @abenner1