Welcome to 2017! Here we are in February looking back at January and the previous 6 months running up to 2017. The market has been sustained with a relentless push of buyer demand. Increased sale prices, increased total number of sales with reduced days on the market all point to us being knee deep in a sellers’ market.
One symptom of a sellers’ market is over ambitious (or sometimes unrealistic) asking prices. For example, the average asking prices across virtually all of Niagara are over $400,000. Thorold, Fonthill, Fort Erie, Niagara Falls, St.Catharines…all over $400,000. One side effect of that symptom however is increased days on the market. We looked at several cities and found the average days on the market for the existing inventory is double or nearly double the average for the previous 6 months of sales.
What will the spring bring? We shall see but at the moment, the buyer demand is still being fed both locally and from out of town which means that the supply is being consumer but is not always replenished. As mentioned in our 2016 Annual vLOG, it is the equivalent of only half of the people showing up with food to a pot luck dinner.
If you would like to discuss the market, please feel free to reach out and contact us. We are happy to talk real estate anytime!
Thank-you for visiting.