Rising Prices, Brisk Sales have resulted in a very HOT market for the month of May.
The average sale price for a single family residential home was $329,105 for the month compared to April at $317,322. Year to date 2016 reported a $315,645 average sale price versus $273,853 for the same period in 2015 an increase of 15.3%. Sales activity has continued to rise with May exceeding April by 10% & year to date we were above last year by 23%. There were 1029 homes sold for the month of May & of that 29% were sold above their original List price. The number of active listings in the region fell 10% from April & the Absorption Rate /Days of inventory dropped to 1.3 months. St Catharines , Lincoln & West Lincoln/Smithville had less than 1 month of inventory –a very tight market. The sales to listing Ratio which is a barometer used to define a Buyers, Sellers & Balanced Market was 97% for the region. The majority of the market areas were above the 90% level with 6 exceeding 100%. THIS is a very strong sellers market!!
Many Buyers are finding it difficult to locate a home to purchase due to the lack of availability & in many cases they end up in a competitive bid situation to try to secure the purchase.
Bottom line we need more listings NOW .