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Here are the MLS figures for Niagara on the Lake for the period ending June 2008. Please note that YTD reflects Jan 2008- end of June, 12 month is from July 2007 to Jume 2008 and 01 is Niagara on the Lake. In general the residential real estate market for Niagara on the Lake has been stable and exhibits signs of a balanced market. Unit sales figures are not ahead of 2007 but one interesting fact is that sales for 2nd quarter 2008 are EQUAL to those figures for the same period in 2006. We may not be besting our top year but we are having our second best year.
The number of listings available in Niagara on the Lake are down 6% from 2007. This despite a Regional statistic that shows listing inventories in the Niagara Region up 5% year to date. Niagara on the Lake continuies to perform well versus the rest of the Region. Our communities' position as a desirable place to live along with a rich connection to the natural beauty of our geography continues to benefit the Real Estate market.
Currently home buyers are attracted to properties that require minimal change. They prefer homes that are nicely updated, and do not require extensive remodeling. Buyers neither have the time or the expertise to take on a project of updating a home. Instead they would prefer to pay a little more and have the home in move in condition. Sellers who have prudently kept up with updates and provide this feature for buyers will be rewarded in the market place with quicker sales and higher prices then other property sellers.
Gary Zalepa Jr.
Broker CENTURY 21 City Realty Inc. Niagara on the Lake.