b-LOG: Niagara Real Estate Report: First Half of 2019
Looking for help making sense of our local real estate corn maze? 😊 We’re here to help!
Hindsight and Real Statistics are a lovely combo. Especially when you can look back on the previous year and realize while we didn’t necessarily feel it at the time, it was quite soft in comparison to recent history.
2018 will likely be the weakest year for total # of sales (sales volume) in the stretch from 2015 through 2019 however remember 2016 and 2017 had historic sales volume levels. In fact, 2018 had more sales than any year prior to 2015 so all in all, not bad.
Meanwhile, the average sale price continued its upwards march in general, with the graph for most cities reflecting something similar to this:
Big price gains from 2015 through 2017
Modest price gains through 2018
Medium price gains so far in 2019
So, while 2019 is ahead of 2018, this year so far is resting somewhere in between the heated markets of 2016 and 2017 and the relative easing of 2018. Whether looking at the last month, 90 days or 1st half of the year, most municipalities across Niagara have behaved similarly.
So far in 2019, we have seen a fairly consistent growth through the first 6 months with a small pull-back in June in both number of sales as well as sales price, something that has also happened each of the last 5 years. We will see how July behaves but historically, prices hold close while the total # of sales pull back while everyone heads to the cottage.
And that raises the whole supply and demand question. Yes, the activity or people through the door will decrease in comparison to the spring market, you typically will find more motivated buyers at this point in the year.
Have a closer look below where you’ll find market reports for:
* note: due to the amount of new construction in some cities, we have also included reports which exclude new builds from the data.
Sincere thank-you for Burst Photos for the image. You can find them on all major social media channels…great stuff!
Thank-you for visiting