Media Release Niagara Association of REALTORS® December Market Report January 5th, 2017, Niagara –
The Niagara Association of REALTORS® (NAR) reported 476 property sales processed through the NAR Multiple Listing Service (MLS®) system in December. This represents a 19.6% increase in sales over December of last year. The residential average sale price of $319,223 was 13.9% higher than last December.
The average days on market decreased from 61 to 39 in the residential freehold market and decreased from 77 to 72 in the condominium market. “Days on Market decreased significantly in December from the year before, with the average in December 2016 being 39 days versus 61 days in December 2015.” said Niagara Association of REALTORS® CEO Carolyn Bones-Poley.
“Listing inventory remains low while the number of sales and average sale price continues to increase. Niagara continues to enjoy a red hot real estate market . “Prices continue to increase as inventory remains low resulting in a SELLERS MARKET” said Patrick Dummitt, President of the Niagara Association of REALTORS® . My prediction for November was off by about 5% . I thought the increase might have been 22-23%. The increase for December this year over December last year is almost 28% in Niagara.
Interest rates remain low, financial institutes and appraisers are adjusting their criteria resulting in buyers and sellers experiencing a more favourable transaction. Niagara continues to be great value for your purchasing dollar. Please refer to the accompanying chart for residential market activity in select areas in NAR’s jurisdiction. The Niagara Association of REALTORS® (NAR) was established in 2002 after an amalgamation of three area boards including the St. Catharines District Real Estate Board, the Niagara Falls-Fort Erie Real Estate Board and the Welland District Real Estate Board.
NAR represents more than 1,043 real estate brokers and sales representatives in Niagara. Members of the association use the REALTOR® trademark, which identifies them as real estate professionals who subscribe to a strict code of ethics.
The association operates the local MLS® in partnership with surrounding local associations in Southern Ontario. In addition, NAR supports several local, shelter based organizations including Habitat for Humanity Niagara.
Advertisements of local MLS® property listings and information about the services provided by a REALTOR® can be found at www.REALTOR.ca. More information about NAR is available at www.NiagaraRealtor.ca.