Niagara Real Estate Opportunities Wait Around Every Corner
“The Home Price Index is still rising and days on Market is falling indicating that when restrictions ease, our Market should be as robust as ever and although the number of Sales have fallen last month there is still pent up demand which is having a stabilizing effect on the current sales prices.” Said Terri McCallum, President of the Niagara Association of REALTORS®.
The MLS® Home Price Index (HPI), tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price for the Niagara region was $452,300 in April 2020. This was an increase of 11.7% compared to April 2019.
The characteristics of the HPI composite benchmark is a home between the age of 51 to 99 with three bedrooms and two bathrooms. A full list can be found in the accompanying chart. REALTORS® listed 588 residential properties in Niagara jurisdiction last month, a decrease of 50.1% compared to April 2019.
The average days it took to sell a home in April was 34 days, compared to 43 days in April 2019. Please refer to the accompanying chart for residential market activity in select areas in NAR’s jurisdiction. Note: these statistics now include the Township of West Lincoln.
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