Your June Regional Residential Market Updates:
The single family residential market for the first half of 2016 saw sales units up 21% over last year & the average sale price increase 13.1% . The average sale price year to date was $316,843 and $326,576 in the month of June.
The number of active listings at the end of June were marginally higher than the previous month however sales quickly absorbed the new listings and there is only 1 month of inventory down from 1.3 months at the end of May. St Catharines & Grimsby had less than a month & are currently the tightest markets in the region.
The Listing to sales ratio at 89% indicated a strong sellers market. We have seen a large % of sales where the sale prices have exceeded the original List Price due to an imbalance between supply & demand .
We need to increase inventory levels now as Buyers are still looking to purchase their next home.
The post No Signs of a slow down as June sales keep pace with May appeared first on Niagara Real Estate Centre.