Although Niagara home sales continued to decline last month, realtor Randy Mulder said the shift is bringing more balance to the local real estate market.
The Niagara Association of Realtors released sales statistics for July this week,
showing 675 home sales during the month – a 27.5 per cent drop in sales compared to July, 2016, when 899 properties changed hands.
Local real estate prices, however, continued to increase to an average of $375,903 during the month – about 14.4 per cent more than July, 2016.
Average sale prices, however, dropped by $125,000 compared to a month earlier
In a media release, Mulder, the Niagara Association of Realtors president, said there was also an increase in real estate inventory during the month, indicative of “a market shift that has moved strongly from a seller’s Market to a balanced market.”
“Home buyers now have greater selection, and a less frenzied marketplace throughout the Niagara Region,” he said. “Well priced, well presented homes are still very popular.”
The least expensive homes in Niagara were sold in Port Colborne and Wainfleet during the month, with an average sale price of $276,479.
Housing prices in Niagara-on-the-Lake continue to see the largest increases in value, with average sale prices of $795,221, up from $664,229 a year ago.