Year in Review for Residential Real Estate in Niagara

Positive News on the Niagara Sales Front

Listings for the Year

For 2009, the total number of single family listings was down by -5.76% compared to 2008. Not a large difference. However less listings translates into less choice for buyers, thereby improving demand for available listings.

Sales for the Year

As well, the number of sales regionally was down by only -.94% from the previous year. This again reflects less choice for the pool of buyers, especially when one considers that buyers are attracted to well-priced listings that represent value.  

Sales vs. Listings

Fewer listings and a less than 1% difference in the number of sales have helped contribute to an increase in the sales-to-listings ratio, up 6.25%. Expressed as a percentage--and currently 51%--the sales-to-listings ratio measures the number of homes sold against the number of active listings, a helpful tool in gauging market conditions.

 Market Conditions

In other words 51% of listings have sold, placing single family activity in a balanced market position, and not the buyers market thought by many.

 Average Sale Price

For another positive result, the average sale price for single family homes rose by 1.91%. This regional average is now at $215,020 compared to $210,981 for the prior year. To see the average sale price for your city, please see A Good Year for Niagara Prices.

Market Time

Finally, 68 days reflects the average selling time overall for the region, with the percentage of sale to list price at 96%.

Sustained low mortgage rates and more sellers aligning themselves with current home values and market conditions have contributed to all of these encouraging numbers, creating a positive momentum likely to continue and improve in 2010.

Want to Know More?

If you are interested in knowing more about the numbers for your city, please give us a call. We’d be happy to provide them. Keep in mind that these numbers are averages and a good measure of market conditions. They do not indicate a particular home’s value. If you are considering selling, we invite you to contact us for a home evaluation.

 

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Eugene Pilato

Eugene Pilato

Broker of Record
CENTURY 21 Today Realty Ltd., Brokerage*
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