Niagara Association of REALTORS® (NAR) MLS® home sales running below average in February as new listings remain at solid levels
The number of homes sold through the MLS® System of the Niagara Association of REALTORS® (NAR) totaled 483 units in February 2023. This was a substantial decline of 31% from February 2022.
Home sales were 20.5% below the five-year average and 15.4% below the 10-year average for the month of February.
On a year-to-date basis, home sales totaled 809 units over the first two months of the year. This was a big decline of 32.5% from the same period in 2022.
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 $627,500 in February 2023, a sharp decrease of 22.3% compared to February 2022.
The benchmark price for single-family homes was $640,700, down sharply by 22.9% on a year-over-year basis in February. By comparison, the benchmark price for townhouse/row units was $588,300, a substantial decrease of 17.5% compared to a year earlier, while the benchmark apartment price was $433,200, a big reduction of 11.2% from year-ago levels.
The average price of homes sold in February 2023 was $675,748, a substantial decline of 22.7% from February 2022.
The more comprehensive year-to-date average price was $658,235, a sharp decrease of 23.7% from the first two months of 2022.
The dollar value of all home sales in February 2023 was $326.4 million, down sharply by 46.7% from the same month in 2022.
The number of new listings saw a decrease of 5.7% from February 2022. There were 901 new residential listings in February 2023.
New listings were 0.1% above the five-year average and 9.5% above the 10-year average for the month of February.
Active residential listings numbered 1,571 units on the market at the end of February, more than double the levels from a year earlier, leaping 197.5% from the end of February 2022.
Active listings were 34.5% above the five-year average and 12.8% above the 10-year average for the month of February.
Months of inventory numbered 3.3 at the end of February 2023, up from the 0.8 months recorded at the end of February 2022 and above the long-run average of 2.7 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 more than 1,500 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. The Niagara Association of REALTORS® is a proud member of the Information Technology Systems of Ontario (ITSO) Regional MLS® system.
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For more information,
Jim Brown, President
The Niagara Association of REALTORS®
116 Niagara Street, St. Catharines, ON, L2R 4L4