There has been a lot of anticipation regarding our l’il old real estate market here in Niagara. Momentum and sales activity has been relatively sustained throughout the year with supply and demand maintaining an active market almost across the board.
This report is a few things but it is not all-encompassing for ALL of Niagara. It is really focused on a few more specific areas in north Niagara, in particular, St.Catharines, Niagara Falls & Thorold. Some of the other areas (for example, Niagara on the Lake or Fonthill) are not as easy to look at in terms of broad geographic areas but require more specific analysis which we are happy to do if asked!
The common variables in ALL categories:
- Time frame used for comparison was the first 9 months (Jan 1 – Sept 30) for 2015 v 2014.
- Minimum sales price of $100,000 (unless otherwise indicated)
In general, you will see strong gains in many areas which in some cases, are in the double digits. These sales figures and averages, being over the first 75% of the year, are more than a small statistical bump. We are looking to have one of the strongest years in Niagara since 2005/2006.
There are a few areas below where you’ll see total sales down but average sale price up. For example, in the downtown core in St.Catharines, the total number of sales was off by over 11% however the sales price was still up by nearly 8%.
On the flip side of that concept was in the $500,000+ market in Niagara Falls where the total number of homes sold in that bracket was up by 118% (!) however the average price those homes saw was lower by 5.1%. The same market in St.Catharines saw strong gains in this market in both total sales (+82%!) and average sale price (+6.0%).
If there was one area that surprised it was Old Glenridge however fret not. Total sales were off by 4 to 22 for YTD in 2015 with average sale price also off. This was largely due to several smaller, “TLC” homes selling in 2015 vs 2014 where several higher end homes sold with a higher median number.
So, all this being said, have a browse through these graphs and as always, if you have any questions on what you see, feel free to contact us at anytime. Likewise, if you would like some info put together for your home or neighbourhood or condo building, then by all means, call, text, email or holler and we would be happy to help.