Niagara Association of REALTORS® (NAR) MLS® home sales below average in October
The number of homes sold through the MLS® System of the Niagara Association of REALTORS® (NAR) totaled 459 units in October 2022, declining 47.6% from October 2021.
Home sales were 35.9% below the five-year average and 31.5% below the 10-year average for the month of October.
On a year-to-date basis, home sales totaled 5,937 units over the first 10 months of the year. This was a reduction of 33.7% from the same period in 2021.
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 $653,500 in October 2022, falling by 4% compared to October 2021.
The benchmark price for single-family homes was $667,000, a decline of 4.5% on a year-over-year basis in October. By comparison, the benchmark price for townhouse/row units was $605,900, up modestly by 1.7% compared to a year earlier, while the benchmark apartment price was $465,100, an increase of 7.4% from year-ago levels.
The average price of homes sold in October 2022 was $701,922, a decline of 7.6% from October 2021.
The more comprehensive year-to-date average price was $800,525, up by 13.7% from the first 10 months of 2021.
The dollar value of all home sales in October 2022 was $322.2 million, a substantial decline of 51.6% from the same month in 2021.
The number of new listings saw a sizable gain of 17.2% from October 2021. There were 1,131 new residential listings in October 2022.
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.