2015 Niagara Real Estate Market Report
What Happened in the Niagara Real Estate Market in 2015?
It has been a very crazy market with homes receiving multiple offers and properties selling in just a few days. In the 10 years I have been selling real estate I can’t recall a better market than what we are seeing right now. If you were thinking of selling in the near future you should watch the video above as it will explain just why the market is this crazy. With mortgage rates low, and the amount of homes for sale (inventory) in the Niagara Region at the lowest in the past 12+ months, buyers don’t have many options when choosing a home to purchase making it a very strong sellers market.
Can you guess what the Average Sale Price was in the Niagara Region?
If you guessed C. $282,303 You are correct! Did you know the average house in the Niagara Region SOLD for 97% of the asking price and it took an average of 55 days for homes to sell.
|District||Average Sale Price||Average Days on Market||Average Sale Price/ List Price||Average Sale Price/ Original Price||Average Sale Price 2014||Average Days on Market 2014|
St. Catharines leads the way again in the Days on Market with 40 (well below the Niagara Region average of 55) and receiving 97% of the List Price with an average sale price of $254,509. N-O-T-L tops the charts with the highest average sale price with $504,416 but as you can see from the chart below N-O-T-L properties also spent the longest time on the market with 97 Days. Fort Erie came second with 80 Days on Market and 96% of List Price and 94% of the Original List Price.
What does this mean? If you want to sell a house in those areas you need to plan ahead and be patient. Also, since most homes will sell for 97% of their list price, be realistic when pricing your home for sale. Overpricing with the plan to negotiate down substantially often backfires. That may have worked years ago, but in today’s world of quick access to data, buyers are more educated than ever before. They will quickly bypass the overpriced home for cheaper comparable properties.
All Districts showed a respectable increase in Average Sale Price compared to 2014. The average sale price/list price was 97% for the Niagara Region and 96% of the Original List Price (includes any price reductions from the original asking price).
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The Statistical information provided is based on residential/condo listings within the Niagara Region, (St Catharines, Fort Erie, Fonthill/Pelham, Grimsby, Lincoln, Niagara Falls, Niagara-on-the-Lake, Port Colborne/Wainfleet, Thorold, Welland, West Lincoln). This information was taken from the Niagara Association of REALTORS® database.