The Niagara Region reported a 6.9% increase in the average sale price of a single family residential home for the period ending April 30th.
Home sales in the region continue to lag the 2013 market but we are anticipating a robust late spring market. The drop in sales has not affected house prices as the average selling price for the Niagara Region is $246,068 compared to last year when the average price was $230,153. Niagara Falls, St.Catharines & Fort Erie are reporting a rise in average sale prices of more than 10%.
Homes sales in the $200,000 to $300,000 price range represented 37% of the market while homes in the $300,000 to $400,000 was 16%. Executive property sales
(those above $400,000) have been slow but we expect this to improve over the next 2 months. Based on a sales-to-new listings ratio of between 40 and 70%, most of the local markets were in balanced territory. Inventory levels have improved in most of the region however the Grimsby & Stoney Creek markets are tight with only 2 months of housing stock.