September Market Info
Well, the numbers are in…here are some of the results for September:1. St.Catharines sales for the month were down 16% versus Sept 2009 as were listings which were down 14%. This is largely reflected to the mishandled GST to HST fiasco. Average price for the city was up 6.9% however, sitting at $219,800 for the month ($216,000 year to date).
2. Niagara on the Lake sale prices were down 52.5% for the month but given the volume in NOTL, you really have to look at longer term numbers to get a good idea. Sales for NOTL are still up 5.4% for the year versus 2009. The closing of NDSS will surely impact the $300 – 600,000 price bracket while the higher end demographic has done fairly well.
3. Fonthill showed virtually identical numbers year to date versus 2009. Average price for the month was down ($286,748) but sales are virtually unchanged year to date (166, down 4 from last years 170).
4. Niagara Falls sales price average for September is up 5.3% from 2009 to $225,826, now sitting 4th in the Niagara Region behind NOTL, Fonthill and Vineland/Jordan. Year to date average price sits at $212,419 which is up 5.3%.
5. Welland has had an almost identical year in 2010 so far when compared to 2009. Sales so far sit at 564, up 4 from the 2009 level of 560. Year to date sales price is up less than 1%, currently sitting at $171,162.
Of course, the media continues to pound their drums with their predictions for the future. While often close to the mark, a further look into what they are talking about isn’t a bad idea. A lot of the macro reports that come out are in relation to the larger markets in Canada, which we are not.
Average price and its relation to average household income is a good indicator. If the average price of a home is 9 times that of the average household income, the affordability of home ownership changes. In Niagara, we are on the lower end of the national average, sitting in the 4 – 5x bracket which means that the average joe (or josephine) is not price out of the market.
Writers note: These stats are according to MLS Statistics.
Writers other note: If you’d like a more in depth look at how these stats may relate to your own home, call or email us anytime. We would be glad to help.
Thank-you for visiting.