Cooling down does not mean falling apart!
The trend towards a reduced number of listings and sales which first emerged 3 months ago continued in the month of July. While segments of our market remain intensely competitive, there is a strong indication that the Niagara Housing Market is returning to a more balanced and “normal” level of activity. It is now not unusual to see Offers Conditional on Finance and Inspection being accepted and while market-sensitive, correctly priced listings are selling, they are not always selling over the asking price.
“This adjustment or “cooling down” was anticipated and is reflected in national statistics but it does not mean that the market is “falling apart”, remarks Doug Rempel, President of the Niagara Association of REALTORs. By comparison to the month of June, there were fewer new listing and sales reported in July and for the first time in 15 months, the average selling prices moderated by slightly less than one half of one percent.
The shortage of listings continues to be a major market influencer. If you are one of the frustrated home Buyers unable to find your dream home and are looking to get ahead of the competition, ask one of the 1400 members of the Niagara Association of REALTOTRs for their assistance. “We are here to help and to keep you on the leading edge of the market. The cost of our service is your loyalty, the results will surprise you.” says Doug Rempel, President of the Niagara Association of REALTORS®.
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 for the Niagara Region was $652,200 in July 2021. This was an increase of 36% compared to July 2020 and -0.5% compared to June of 2021.
BOARD & ASSOCIATION INFORMATION
The Niagara Association of REALTORS® represents over 1230 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 REALTORS® to thrive.Our vision is to foster an environment where leadership and members provide influence, advocacy, enhance professionalism and business acumen.
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For more information,
Grant Brown, Executive Officer
The Niagara Association of REALTORS®
116 Niagara Street, St. Catharines, ON, L2R 4L4