October Market Information
Well, another interesting month passes by in the local (and national) real estate market. Total listings (in Niagara) for the month were almost identical to 2009 (1153 in 2010 vs. 1142 in 2009) however the total for the year is up 8% thanks to the front loaded nature of 2010.
Total sales for the year were up 4% over 2009 however down from 2008, which some may find suprising. The dollar volume showed improvements for 2010, marginally more than in both 2009 and 2008.
Around the region, the month was, as expected, slower than the previous year. In fact, all cities showed reduced total sales except for Fort Erie and Welland which showed very modest increases. Sales to listings ratios in all cities were reasonably balanced (50% +/-) except in Niagara on the Lake which had a 28% ratio (46 new listings vs 13 sales). It is important to note that a market as small as NOTL can produce strange statistics. Looking at the big picture is the most relevant approach. With sales down by 2% and average price for the previous 12 months sitting at $435,924 vs $380,463, there has certainly been some positive growth in that market.
St.Catharines has had an interesting year. Sales in the first half of the year were very strong, resulting in a stronger year-to-date total vs. 2009. So far, 1379 sales are surpassing the 1361 to this point in 2009. Monthly sales are down however (104 in Oct 2010 vs. 137 in Oct 2009). It will be interesting to see how the total volume numbers tally at the end of the year. We have certainly seen a delayed post-labour day uptick in activity versus previous years.
Welland has seen a slow recovery as well. After a slower year, activity has improved with sales up for both the month and the year. Interesting to note as well is the average sale price has crept back up a bit to $177,525 vs. $173,598 for 2009.
Of course, to really investigate market statistics and where the value of a particular home sits requires further discussion. If you would like any info or a complimentary (and pressure-free) discussion on your home, please feel free to contact us at anytime.
Thank-you for visiting.