Residential home sales activity recorded through the MLS® system for The Niagara Association of REALTORS® (NAR) totaled 456 units in January 2020. This was an increase of 14.8% from January 2019.
“As we move into 2020 we find most of Niagara still in a Seller’s market. Even with inventory levels low, we saw an increase in the number of units sold due to the high demand from Buyers. As we move into, an anticipated, hot spring market, this is a great time to contact a REALTOR® and put your property on the market.” – Deanna Gunter, President of the Niagara Association of REALTORS®
The MLS® Home Price Index (HPI), tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price for the Niagara region was $433,600 in January 2020. This was an increase of 9.8% compared to January 2019.
The characteristics of the HPI composite benchmark is a home between the age of 51 to 99 with three bedrooms and two bathrooms. A full list can be found in the accompanying chart.
REALTORS® listed 810 residential properties in Niagara jurisdiction last month, an increase of 3.8% compared to January 2019. The average days it took to sell a home in January was 56 days, compared to 63 days in January 2019.
Please refer to the accompanying chart for residential market activity in select areas in NAR’s jurisdiction.