2010 Market Summary
Well, another year comes to a close in our local Real Estate community. Since September 2008, we have definitely had an interesting ride! The quick and unexpected dive that we saw in the months following Sept 2008 caught everyone off guard. Over the course of the next year, we saw those losses recovered with a nominal market uptick of 0.4%. The following year was similar with the Niagara region showing a 1.5% increase as prices and psychological states settled down.
So, that brings us to 2010. The HST was a large factor in the market. Misinformed, many people rushed out to buy before they had to pay HST on their home. Obviously that simply wasn’t true but the angst the HST created along with some pent up demand helped to create a very active market in the middle of the year.
The year to date values for all cities in the region showed sales levels very close to or marginally above 2009.
Some of the numbers:
Niagara-on-the-Lake: 2009 sales – 236. 2010 sales – 226.
St.Catharines: 2009 sales – 1582. 2010 sales – 1575.
Fonthill: 2009 sales – 209. 2010 sales – 209.
Welland: 2009 sales – 726. 2010 sales – 705.
Those numbers are fairly consistent across the board for the year. Stability seems to be a defining factor for this area. Looking back at the numbers for 2008, the total numbers weren’t far off.
Average sales prices are another issue on every homeowner’s mind. 2010 showed some strong gains and again, stability across the board.
Niagara Falls: 2009 – $205,000. 2010 – $212,500.
St.Catharines: 2009 – $206,000. 2010 – $215,000.
Welland: 2009 – $175,000. 2010 – $177,000.
Niagara-on-the-Lake: 2009 – $386,000. 2010 – $457,000.
Of course macro numbers don’t always apply directly to the value of your home. Just because the house 5 doors down sold for $284,000 does not mean yours is worth that. If you are curious as to the value of your home and would like a market summary report done, please feel free to call or email us anytime.
Be assured, we work without pressure and at the pace you are comfortable with.
Thank-you for visiting.