To quote the title of the classic jazz tune by Eddie Harris & Les McCann, when comparing anything to something, the question to ask is just that. Compared to what?

Persepctive.

In our world, Niagara real estate in 2017 is being compared to 2016 simply because 2016 is the closest market in recent memory. But here’s the deal: 2016 was an unprecedented, never-before-experienced year.

2016 saw big increases in total sales volume (in some cases up over 20%), average sales prices (up nearly 30%) and a plunging days on market average (in some areas by 60%). Difficult to compare anything to that.

Compare this year to 2015, 2014 and 2013 and suddenly the numbers make more sense. Across the entire region, we saw the same trends from 2014 to 2015 to 2016 to 2017 as evidenced in our vLOG!

Here are the numbers that have a closer look across most of Niagara going back to 2014:

St. Catharines

Number of Sales

2014   751 sales

2015   912 sales

2016   962 sales

2017   795 sales

 

Average Sale Price

2014   $233,000

2015   $260,000

2016   $310,000

2017   $373,000

 

Days on Market

2014   43

2015 38

2016   25

2017   22

 

Niagara Falls

Number of Sales

2014   513 sales

2015   580 sales

2016   799 sales

2017   508 sales

 

Average Sale Price

2014   $243,000

2015   $275,000

2016   $340,000

2017   $366,000

 

Days on Market

2014   61

2015   53

2016   45

2017   27

 

Thorold

Number of Sales

2014   111 sales

2015   132 sales

2016   155 sales

2017   127 sales

 

Average Sale Price

2014   $228,000

2015   $235,000

2016   $294,000

2017   $355,000

 

Days on Market

2014   64

2015   53

2016   25

2017   27

 

Fonthill/Pelham

Number of Sales

2014   99 sales

2015   107 sales

2016   125 sales

2017   98 sales

 

Average Sale Price

2014   $381,000

2015   $418,000

2016   $464,000

2017   $574,000

 

Days on Market

2014   64

2015   59

2016   31

2017   25

 

Welland

Number of Sales

2014   304 sales

2015   332 sales

2016   413 sales

2017   319 sales

 

Average Sale Price

2014   $201,000

2015   $219,000

2016   $250,000

2017   $296,000

 

Days on Market

2014   62

2015   43

2016   27

2017   28

 

Fort Erie

Number of Sales

2014   265 sales

2015   295 sales

2016   376 sales

2017   181 sales

 

Average Sale Price

2014   $222,000

2015   $232,000

2016   $277,000

2017   $336,000

 

Days on Market

2014   85

2015   76

2016   52

2017   41

 

So the next time you’re at the hair salon, hockey rink, dinner party or lunchroom at work, if you hear someone say that the market is flat or turned negative, do your best Eddie Harris impression and ask “compared to what?”

The market is still very much alive and ticking. To discuss the market, your home or real estate in general, contact us anytime.

And if you haven’t, check out the soundtrack for this blog: https://www.youtube.com/watch?v=rI03hnN7Q4A

As always, thank-you for visiting.

THEbTEAM

Patrick Burke – Broker

James Broderick – Sales Rep