Niagara Association of REALTORS® (NAR) MLS® home sales decline as new listings surge to new record in May
The number of homes sold through the MLS® System of the Niagara Association of REALTORS® (NAR) totaled 654 units in May 2022. This was a decline of 35.6% from May 2021.
Home sales were 13.6% below the five-year average and 19.1% below the 10-year average for the month of May.
On a year-to-date basis, home sales totaled 3,569 units over the first five months of the year. This was a decline of 24% 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 $790,500 in May 2022, a sizable gain of 22.1% compared to May 2021.
The benchmark price for single-family homes was $809,100, increasing by 22% on a year-over-year basis in May. By comparison, the benchmark price for townhouse/row units was $724,600, a gain of 26% compared to a year earlier, while the benchmark apartment price was $517,100, up by 25.1% from year-ago levels.
The average price of homes sold in May 2022 was $850,037, a gain of 23.1% from May 2021.
The more comprehensive year-to-date average price was $856,967, up by 24.7% from the first five months of 2021.
The dollar value of all home sales in May 2022 was $555.9 million, a decrease of 20.7% from the same month in 2021.
The number of new listings saw a sizable gain of 20.4% from May 2021. There were 1,613 new residential listings in May 2022. This was also the largest number of new listings added in the month of May in history.
New listings were 20.8% above the five-year average and 24.3% above the 10-year average for the month of May.
Active residential listings numbered 1,587 units on the market at the end of May, a substantial gain of 67.8% from the end of May 2021.
Active listings were 5.6% below the five-year average and 19.6% below the 10-year average for the month of May.
Months of inventory numbered 2.4 at the end of May 2022, up from the 0.9 months recorded at the end of May 2021 and below the long-run average of 2.6 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.