Niagara Association of REALTORS® Market Update

Dated: November 25 2020

Views: 566

Residential home sales activity recorded through the MLS® system for The Niagara Association of REALTORS® (NAR) totaled 883 units in October 2020. This was an increase of 39.5% from October 2019.

“It's evident the Niagara Region remains at the top of the list for Home Buyers.. Looking year over year the number of new listings is down only 1.2% however the number of sales are up 39.5%, moving the Homes Price Index up 18% and the Average Days on Market down 36.2 %. Clearly this is the place to be!” Said Terri McCallum, President of The Niagara Association of REALTORS®.

The MLS® Home Price Index (HPI), tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price for the Niagara region was $498,900 in October 2020. This was an increase of 18% compared to October 2019.

The characteristics of the HPI composite benchmark is a home between the age of 51 to 99 with three bedrooms and two bathrooms.

REALTORS® listed 1,065 residential properties in Niagara jurisdiction last month, a decrease of 1.2% compared to October 2019. The average days it took to sell a home in October was 28 days, compared to 43 days in October 2019.

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Article and Information Provided by CREASTATS.CREA.CA

BOARD & ASSOCIATION INFORMATION

The Niagara Association of REALTORS® represents over 1230 REALTOR® members serving the communities of Fort Erie, Fonthill/Pelham, Lincoln, Niagara Falls, Niagara-on-the-lake, Port Colborne/Wainfleet, St Catharines, Thorold and Welland. Our mission is to empower REALTORS® to thrive.Our vision is to foster an environment where leadership and members provide influence, advocacy, enhance professionalism and business acumen.

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