The 2016 real estate market in the Niagara region for the 1st quarter was very brisk with sales exceeding last year by 26%. Inventory levels are lower than normal for this time of year however Buyer demand has been high.
The average sale price for a single family residential home was $306,238 up 14.4% over the 1st quarter of 2015.
The Month of March continued its brisk pace with Sales units up 23% over last March while inventory levels for March showed only 1,491 active listings compared to the 2,129 of available homes for sale last year, a 30% short fall.
Inventory levels for the region based on the absorption rate fell from 3.3 months in January to only 2 months as at the end of March. The western portion of the region has even less inventory available.
The sales to listing ratio, which is the indicator of whether the market is in Buyers, balanced or sellers territory, clearly shows the market is in a sold seller’s market with average sale prices rising.
The traditional spring market historically is April to June so we are expecting an even busier time over the next 3 months. Property owners considering a move this year should be listing soon while supply is low & demand is high.
– MPAC Property Assessments Coming This Summer
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