St. Catharines, ON – July 3, 2018 – The Niagara Association of REALTORS® (NAR) reported 698 property sales processed through the NAR Multiple Listing Service (MLS®) system in June. This represents a 9.9% decrease in sales compared to June of last year.
The average days on market increased 55.0% from 20 to 31 in the residential freehold market and increased 54.5% from 22 to 34 in the condominium market.
The residential average sale price of $398,643 had a marginal increase of 0.1% versus last June while the number of active residential property listings increased by 33.3% versus June 2017.
Year to date, residential property transactions total 3,261 v.s. 4,209 for 2017 and 2,994 in 2013. This represents a decrease of 22.5% versus 2017 and an increase of 8.9% versus 2013. Despite the trend of an increase in the average days to sell v.s 2017, it is worth noting that the current average of 36 days to sell is 36.8% lower versus the 57 average days to sell at this time in 2015. The sales price to list price ratio of 98% versus 100% in 2017 is the first time we have seen a decrease in this ratio on a year to date basis in the past 5 years.
“The first half of 2018 reflects the new normal the market is finding versus 2017. On a year to date basis, the data from 5 and 3 years ago demonstrates the incredible changes our region has experienced and continues to navigate,” said Stephen Oliver, President of the Niagara Association of REALTORS®.
Please refer to the accompanying charts for market activity in select areas in NAR’s jurisdiction.