The first half of 2018 has been a mix of predictable and surprising across most municipalities of Niagara. Here is some quick insight into what is happening in the background:
Number of Sales
The total number of sales have pulled back between 15% and 47% depending on the city however 2018 v 2017 first half is not a great apples-to-apples comparison. Taking out the market frenzy of 2016 and early 2017, the total sales we are currently seeing are more similar to 2015 and before.
Time it takes to sell
Otherwise known as DOM (Days on Market), we have returned to a more typical market in terms of how quickly homes sell. You’ve probably noticed For Sale signs hang around a little longer before changing to Sold. In general though, the DOM values are historically quick compared to the previous decade.
The average sale price has continued to creep up across most of the region with only NOTL, Niagara Falls and Thorold showing negative growth in price. It will be interesting to see how the next 3 or 4 months progress but at the moment, we are seeing consistent values across much of the region.
The “New Build” Factor
Only a few cities in Niagara have shown negative price growth YTD in comparison to 2017 however new construction has been a factor in that. The numbers do level out a fair bit when only looking at only ‘non-new’ homes. For example, the average sale price in Thorold for the first 6 months of 2017 was $27,000 less when removing new construction from the criteria.
Months of Inventory
This is an interesting stat to track. In essence, MOI tracks the market’s appetite for supply by calculating how long it would take to sell existing inventory if nothing else was listed. As expected, with sales pulling back and active listings remaining the same, we are seeing MOI move back up to more typical values.
What does it all mean?
The first thing to remember is that within every market (city) there are numerous other markets within. For example St.Catharines – Vansickle area – detached – 2 storey and St.Catharines – north-end – condominium apartment – 2 bedrooms are essentially 2 different markets within the greater market of St.Catharines.
Keep scrolling to see a city-by-city report on the first half of 2018 v 2017:
If you would like to dig a little deeper and discuss your home or the market in general, please do not hesitate to contact us anytime.
Thank-you for visiting,