The average sale price in Niagara reached $715,000 by April, experienced a minor dip in May, then recovered slightly in June to $712,000. As we moved into August, this number decreased to $680,000, a clear indication of how the rising interest rates have weighed on the market.
Right now, in July/August I have to remind sellers, please don’t go to the MLS to price your house. Buyers have more information at their fingertips through the MLS, through the photos, videos, and apps that let them know what your house has sold for. So if you’re trying to stretch the market, you’re not pulling the wool over the buyers eyes.
Demand is picking up and prices are increasing in the GTA due to lack of supply. This is something I’ve been discussing for the past little bit because here in Niagara, what you need to know and understand is this is most likely coming our way. We are starting to experience that in certain price ranges and in certain locations in our region, as supply is now low and demand is high.
Demand is picking up and prices are increasing in the GTA due to lack of supply. This is something I’ve been discussing for the past little bit because here in Niagara, what you need to know and understand is this is most likely coming our way. We are starting to experience that in certain price ranges and in certain locations in our region, as supply is now low and demand is high.
Greetings from the Davids and DeLaat team! The spring season is upon us, bringing along renewed energy and the perfect time for potential buyers and sellers to make their moves in the Niagara real estate market.
Greetings and warm wishes. As the season of blooming flowers and new beginnings dawns upon us, sellers may find themselves busily preparing their houses for the spring market, which typically witnesses a peak in demand. On the other hand, prospective buyers will likely be scouring the internet and perusing various properties.
What a February we’ve had! It almost seems like spring is in the air, but I cautiously remind you that it still is February. Although properties are starting to move, we are noticing that demand from out-of-town buyers is starting to slowly enter our Niagara market.
So here we are today in January 2023, and the average sale price is $584,000. What that says is December appears to be the bottom of the market.
2022 is in the books and it was one for the ages with what we experienced. Through January, February, and March we saw the most epic of highs in our real estate market with record-breaking sale prices. Then, we experienced interest rate hikes, slowing the market and compressing prices.
I have good news for everybody, we are now approaching what could be considered a normal real estate market. This means houses may linger on the market, so the overall days on market for homes has increased, but the prices do seem to be stabilizing and balancing.
Hello, Niagara! Shawn DeLaat here with the Davids & Delaat Real Estate Team and this […]
Hello Niagara! Shawn DeLaat here with the Davids & DeLaat Real Estate Agents Team […]
