Niagara Association of REALTORS® (NAR) MLS® home sales rebound in September
The number of homes sold through the MLS® System of the Niagara Association of REALTORS® (NAR) totaled 539 units in September 2024. This was up by 27.7% from September 2023.
Home sales were 15.5% below the five-year average and 18.2% below the 10-year average for the month of September.
On a year-to-date basis, home sales totaled 5,116 units over the first nine months of the year. This was essentially unchanged, up just 0.5% from the same period in 2023.
“Home sales recorded a healthy bounce in September, rising to a three-year high for the month,” said Nathan Morrissette, President of the Niagara Association of REALTORS® (NAR). “There’s obviously still room between where we are now and what might be considered more typical for this time of year, but the boost in September was nonetheless a promising sign. New listings came in at a record level for the month of September as sellers are trying to capitalize on early market movers on the buyer side with rates on the decline. With the federal government’s recent announcement to allow insurable mortgages in the range from one million to $1.5 million taking effect on December 15, we also expect to see a further pickup in activity early next year.”
The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $640,000 in September 2024, a modest decline of 2% compared to September 2023.
The benchmark price for single-family homes was $656,600, down modestly by 1.5% on a year-over-year basis in September. By comparison, the benchmark price for townhouse/row units was $612,500, a minor decrease of 1.7% compared to a year earlier, while the benchmark apartment price was $441,300, a moderate decrease of 4.5% from year-ago levels.
The average price of homes sold in September 2024 was $684,865, a slight gain of 0.8% from September 2023.
The more comprehensive year-to-date average price was $694,428, edging down 0.9% from the first nine months of 2023.
The dollar value of all home sales in September 2024 was $369.1 million, a gain of 28.8% from the same month in 2023.
The number of new listings was up by 4.9% from September 2023. There were 1,576 new residential listings in September 2024. This was also the largest number of new listings added in the month of September in history.
New listings were 17.1% above the five-year average and 31.8% above the 10-year average for the month of September.
Active residential listings numbered 3,202 units on the market at the end of September, an increase of 13.4% from the end of September 2023. Active listings haven’t been this high in the month of September in more than a decade.
Active listings were 49.3% above the five-year average and 55.7% above the 10-year average for the month of September.
Months of inventory numbered 5.9 at the end of September 2024, down from the 6.7 months recorded at the end of September 2023 and above the long-run average of 3.5 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
BOARD & ASSOCIATION INFORMATION
The Niagara Association of REALTORS® represents over 1,450 REALTOR® members serving the communities of Fort Erie, Fonthill/Pelham, Lincoln, Niagara Falls, Niagara-on-the-lake, Port Colborne/Wainfleet, St. Catharines, Thorold and Welland. Our mission is to empower our REALTORS® to enrich the communities of Niagara. Our vision is to strive to be a leading catalyst for positive change in the real estate industry, driving growth, prosperity, and community development throughout the Niagara Region.
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For more information,
please contact:
Nathan Morrissette, President
The Niagara Association of REALTORS®
116 Niagara Street, St. Catharines, ON, L2R 4L4
905-684-9459
nar@niagararealtor.ca
Nathan Morrissette