Market Update - What's Happening in 2014?
2014 is proving to be a good year in Real Estate. The amount of time it takes to sell a home in the Niagara Region has improved to an average of 65 days on the market so far over 2013’s average of 70 days.
St. Catharines leads the way with only 42 Days on the market year to date and receiving 97% of the List Price with an average sale price of $236,942. Niagara-On-The-Lake has the highest average sale price with $461,382. However, as you can see from the chart below, N-O-T-L properties also spent the longest time on the market with 104 Days. Fort Erie came second with 89 Days on Market. Port Colborne/Wainfleet is currently receiving 94% of the Original List Price and averaging 86 Days on the market.
The average sale price/list price remains at 96% for Niagara year after year. Most Districts showed a respectable increase in Average Sale Price compared to 2013 while Fort Erie, Thorold and West Lincoln were the only districts that had a decrease in average sale price.
Is this good news or bad news? Well, the good news is the overall average price for the Niagara Region is now $290,488 a 3.99% increase over 2013. The bad news is that certain districts will on average take longer to sell than others and some districts will sell for a lower average sale price. It helps to know what market your house is in when thinking of selling and plan accordingly. The chart below shows us that in 2014 we are averaging 593 Sales/Month, and setting the tone for a Sellers Fall Market (more info on Buyers or Sellers Market in an upcoming blog).
What does this all mean? Well, we have all heard that its all about location, location, location and this chart certainly proves that and shows us that even within the Niagara Region we have significant variations in market conditions. If you want to sell your house you need to plan according to where your house is located. Although you may feel your house is worth more or less than it actually is, the truth is the market is what dictates what a home will sell for.
For a Custom Home Evaluation specific to your neighbourhood or property type please contact me
|District||Units Sold||Average Sale Price||Average Sale Price 2013||Average Days on Market||Average Days on Market 2013||Average Sale Price/Asking Price|
The Statistical information provided is based on residential listings within the Niagara Board area, (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.