April 6th, 2018, Niagara – The Niagara Association of REALTORS® (NAR) reported 627 property sales processed through the NAR Multiple Listing Service (MLS®) system in March. This represents a 32.07% decrease in sales compared to March of last year.
The residential average sale price of $401,284 was 0.47% lower than last March. The average days on market increased from 27 to 36 in the residential freehold market and increased from 30 to 37 in the condominium market.
“An encouraging point in these March statistics is the number of new listings. A lack of inventory has been a challenge for months now, and it is great to see that more properties are becoming available. The next few months should be busy, as that inventory is bought up,” said Randy Mulder, President of the Niagara Association of REALTORS®.
Please refer to the accompanying chart for residential market activity in select areas in NAR’s jurisdiction.