TOP 5 FASCINATING THINGS ABOUT THE NIAGARA REAL ESTATE MARKET
Sale of Buyer’s Property:
Currently (mid-July), 54% of all homes that are conditionally sold in Niagara have a condition related to the buyer selling their home. If you have tried to buy or sell with a condition on sale included, you know it isn’t always easy. And yes, 54% of all offers is high.
Days on the Market:
Active listings in Niagara have just cracked the 100 days on the market threshold. That is just over 3,100 active listings averaging 100 days on the market. For those keeping score, that is much longer than normal.
Accurate Pricing is Key:
Approximately 30% of all active listings have had a price reduction. The same goes for the homes that sold in June. So nearly 1/3 of all listings required a price adjustment before selling. Getting it right the first time is the path you want to take.
Million Dollar Market:
25% of all homes for sale in Niagara are over one million dollars, while they accounted for 12% of all sales in June. Currently, there are 784 homes for sale over one million with 55 sold in June. If you’re a follower of Months of Inventory, that equates to 14 months of inventory. In other words, if nothing else was listed, it would take until the fall of 2025 for all existing million-dollar-plus inventory to sell. Or in more unpleasant words, 1 in 14 homes over a million will sell next month with 13 of 14 remaining on the shelf. The moral of that story is to make sure you’re locked into your value and strategy.
Vacant Properties:
We have just over 3,100 homes for sale in Niagara. Of those, just over 1,050 are vacant, with another 400 or so tenant-occupied. Over the past 10-years, the average active listings this time of year was 2,000. Meanwhile, here in July 2024, we currently have just over 1,500 properties that are not owner occupied. What does that do to motivation? Are these homes a financial burden or simply speculative for these sellers? Stay tuned this fall.
Of course, there are many more notable aspects to our market. If you’d like to discuss them, reach out anytime. We’re here and ready to help.