Sellers Market Continues for July
The July sales for Single Family Residential homes were 21% higher than last July but 12% below the sales activity for June.
The average sale price year to date was $321,212 up 14.5% over 2015. And sales exceeded last year by 21%. We are still in a strong sellers market with the sales to listings ratio ranging from 75% to a high of 135% in the districts within the region.
Inventory levels are still low compared to the demand resulting in sale prices exceeding the list price. In St Catharines 43% of the homes sold over the list price and in Niagara Falls the percentage was 32%, in most cases this indicates multiple offer situations.