May 2016 Regional Residential Statistics

Rising Prices, Brisk Sales have resulted in a very HOT market for the month of May.

May 2016 Regional Residential MLS Sales

May 2016 Regional Residential Market Update

May 2016 Regional Residential Infographic

The average sale price for a single family residential home was $329,105 for the month compared to April at $317,322.  Year to date 2016 reported a $315,645 average sale price versus $273,853 for the same period in 2015 an increase of 15.3%.  Sales activity has continued to rise with May exceeding April by 10% & year to date we were above last year by 23%.  There were 1029 homes sold for the month of May & of that 29% were sold above their original List price.  The number of active listings in the region  fell 10% from April  & the Absorption Rate /Days of inventory dropped to 1.3 months. St Catharines , Lincoln & West Lincoln/Smithville had less than 1 month of inventory –a very tight market.  The sales to listing Ratio which is a barometer used to define a Buyers, Sellers & Balanced Market was 97% for the region.  The majority of the market areas were above the 90% level with 6 exceeding 100%. THIS is a very strong sellers market!!  

 Many Buyers are finding it difficult to locate a home to purchase due to the lack of availability & in many cases  they end up in a competitive bid situation to try to secure the purchase.

Bottom line we need more listings NOW .

The post May 2016 Regional Residential Statistics appeared first on Royal LePage Niagara Realty.

Source: Blog

The Spring Real Estate Market Is In Full Swing

April Residential Market Reports – Provided By Royal LePage Niagara Real Estate Centre (Click To Open)

Regional Residential MLS® Market Report

Royal LePage Niagara Market Update

Royal LePage Niagara Regional Infographic

Average sale prices continued to climb throughout the region with April sitting at $317,322 compared to the year to date average of $309,114.  The number of residential sale units were up 26% over last year and we expect this trend to continue for at least the next few months.

New listings were still lower than expected creating a shortage of available properties for home buyers.  The sales to listing ratio was  in a strong sellers market with most areas well above the 80% ratio, compared to a normal balanced market of 55-65% ratio.

Most homes are selling at an average of 98% of the list price although we have seen a percentage of properties sell above the Listing price.

Inventory levels are still low compared to the demand for homes & Buyers are finding themselves in competitive offer situations to get their offers accepted.

We need more listings!!!

 

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Source: Blog

ROYAL LEPAGE NIAGARA IS REPORTING A HOT SPRING MARKET!!

Click Here To View The Full Regional Spring Market Report

The 2016 real estate market in the Niagara region for the 1st quarter was very brisk with sales exceeding last year by 26%. Inventory levels are lower than normal for this time of year however Buyer demand has been high.

The average sale price for a single family residential home was $306,238 up 14.4% over the 1st quarter of 2015.

The Month of March continued its brisk pace with Sales units up 23% over last March while inventory levels for March showed only 1,491 active listings compared to the 2,129 of available homes for sale last year, a 30% short fall.

Inventory levels for the region based on the absorption rate fell from 3.3 months in January to only 2 months as at the end of March.  The western portion of the region has even less inventory available.

The sales to listing ratio, which is the indicator of whether the market is in Buyers, balanced or sellers territory, clearly shows the market is in a sold seller’s market with average sale prices rising.

The traditional spring market historically is April to June so we are expecting an even busier time over the next 3 months.  Property owners considering a move this year should be listing soon while supply is low & demand is high.

HOMEOWNER TIPS

– MPAC Property Assessments Coming This Summer

– Looking For Service Providers, Install the Royal LePage Niagara App from Google & Apple Stores

COMMUNITY CORNER @RLPNIAGARA

In 2015 we raised over $75,000 in food, hampers, and $$ contributions to local food banks, Women’s Shelters, Cancer Centers, and programs locally.

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Source: Blog

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For consumers, it’s often about researching to narrow down choices based on price and neighbourhoods. We deliver keyword search features; an option to create an account to save searches and receive updates, and; detailed neighbourhood information including our soon-to-be-added commute calculator.

For agents, it’s about lead generation resulting from SEO and opportunities to present themselves as professionals who are capable and ready to help.

Visit royallepage.ca 

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Source: Blog