Marketing Coordinator
Hello, Niagara!
Shawn DeLaat here with the Davids & DeLaat Real Estate Team with your April 2023 Market Update.
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.
WHAT DOES THIS MEAN FOR SELLERS?
The market has been experiencing an increase in prices, with the average sale price for the entire Niagara region rising from $572,000 in December to $660,000 in April, marking an 11.5% increase. One of the contributing factors to this price surge is the reduced inventory levels, resulting in a shortage of properties listed for sale. This is the perfect opportunity for sellers to list their homes and capitalize on the demand. However, sellers must also be aware that buyers are exercising patience and waiting for the right property to come along. Therefore, it’s essential to properly prepare your house for sale and get in touch with us for guidance on improving value and saleability.
WHERE ARE WE NOW? APRIL 2023 MARKET STATISTICS
In December, the average days on the market for properties in the Niagara region was 40 days. Fast forward to April, and this number has significantly dropped to 19 days, indicating that properties are selling faster.
WHAT DOES THIS MEAN FOR BUYERS?
Buyers currently have some power and control in the market due to the available options. However, this window of opportunity may be closing soon as the spring season progresses and competition increases. Out-of-town demand is also on the rise, with end-user buyers looking to sell their out-of-town properties and move to Niagara. The time to buy a house without facing intense competition is now, so don’t hesitate to contact us for assistance in navigating the market and guiding you through the process.
WHAT TO EXPECT IN 2023 AND BEYOND
As the market stabilizes and demand continues to grow, buyers and sellers should seize the opportunities presented in the Niagara real estate market this spring season. Sellers are encouraged to list their homes and prepare them for sale, while buyers should act swiftly to secure their ideal properties before competition intensifies. The Davids and DeLaat team is always here to help and guide you through your real estate journey. Contact us today for expert advice and support.
Contact us to discuss a selling strategy that’s custom fit for your home. Visit us on Youtube to learn more about these changes or schedule your free home evaluation to find out what your home could sell for in today’s market.
