Niagara-on-the-Lake's residential real estate market is displaying characteristics of a stablizing seller's market, according to local CENTURY 21 Broker, Gary Zalepa Jr.
Basically unit sales for June 2009 are down 32% from June 2008. Inventory of resale homes available is also down 17% for that same period. There was 44 new listings in the market for June 2009 compared to 53 for that time in 2008. "We can expect more balance as we head into the second half of 2009, as unit sales level out and new listing rates steady."
Today's concern is one of supply. Although the pressure on supply has eased off somewhat as compared to 2008. This month's sales to listing ratio is 30% compared to a figure of 36% a year ago. The sales to listing ratio reflects the relationship between supply and demand. Generally 20% (plus or minus 5% on either side) is considered a balanced market, where the needs of buyers are met with the supply from sellers. At this rate our sales to listing ratio should settle down in the 25% range by end of 2009. A seller's market condition.
According to the Toronto Real Estate Board, sales figures in the GTA for June increased 27% from 2008. Zalepa says that a portion of home sellers in the GTA will chose our community as a destination to relocate in. Home owners considering selling their home should engage this opportunity. Take the time to consult with a local REALTOR, discuss preparations necessary to attract these buyers and get advice on the proper pricing strategy.
Figures provided by the Niagara Association of REALTORS.