b-LOG: Summer Market Report – Niagara Real Estate
Now that we’ve rounded the bend past Labour Day weekend, its time to look back at summer 2018 in comparison to last year. As well, we’ve had a look back to 2016 for further comparison.
The market in general has been a bit of a blur the last few years making year to year comparisons a bit of a tricky proposition. June to August 2017 was a time of transition as the blazing pace of spring 2017 cooled down. The post labour day market last year may not have felt it at the time but things definitely pulled back as all involved became more cautious.
Looking at summer 2018, there are some interesting trends while other cities showed some surprising results.
A few fun facts:
* Since January 1, 2016, the average sale price of EVERY city across Niagara has been on the rise except for Niagara on the Lake (which has a framgented market to consider) and Thorold (which was skewed by a very heavy new home supply in early 2017).
* Detached homes in St.Catharines have gone up nearly 35% in 2 years with an average sale price of $413,000 so far in 2018 (YTD).
* Sales of detached homes in St.Catharines OVER $500,000 is up 90% in the last 2 years while sales of detached homes UNDER $300,000 is down 70%.
* Sales over $1,000,000 in Niagara on the Lake are at their 2nd highest level on record year to date.
* In Fonthill, total sales from 2016 to 2018 are down 42% while the average sale price is up 31% over the same time. This trend is similar to several other cities in the region.
* EVERY month in Niagara Falls so far this year has had the 2nd quickest “Days on Market” (time it takes to sell) on record in the last 11 years.
So, with that being said, scroll down to see the Summer Market Report for Niagara Region in general as well as several cities from Fort Erie north to NOTL, St.Catharines and more. Have a look through and please do not hesitate to forward this along or contact us with questions.
Thank-you for visiting.