2016 Niagara Real Estate Market Update
What's Happening in the Niagara Real Estate Market in 2016?
It has been a very crazy market with homes receiving multiple offers and properties selling in just a few days. In the 11 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 low, buyers don’t have many options when choosing a home to purchase making it a very strong sellers market. As you can see from the chart below Sellers are getting very close to asking in every area in the Niagara Region with an average of 98.4% of the Original Asking Price.
|District||Average Sale Price||Average Days on Market||Average Sale Price/ List Price||Average Sale Price/ Original Price||Average Sale Price 2015||Average Days on Market 2015|
The Statistical information provided is based on residential/condo listings within the Niagara Region, YTD- Jan 1,2016-Oct 28, 2016 (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.