What is going on with the Niagara Real Estate Market?
Sales in Niagara are down
In July 2022, there were 343 home sales in the Niagara region, down 23% from June 2022 and 51% lower than July 2021. This is the 4th consecutive month of declining property sales as we see a correction in the real estate market across the greater Ontario region. Of the 343 sales in Niagara, 88 were in St Catharines, 60 were in Niagara Falls, 47 were in Welland, 30 were in Fort Eire, and the remaining 118 were spread out across the rest of the region.
The average home price in July was $748,800, which is down around 2% down from the previous month. However, the average home price remained about 1% up from July last year. The most significant decrease in home prices month on month was seen in the Fort Eire community, with home prices down 17.04%. Meanwhile, the most significant price increase was seen in Port Colborne, with a 23.21% increase in home prices from the previous month.
The market seems to be stabilizing
Although prices have been declining month over month, the price declines are getting smaller, indicating that we may be nearing a bottom in the prices soon. Additionally, the bank of Canada has indicated that there may be more interest rate increases around the corner, which could push selling prices slightly lower. The sellers’ market of the last few years appears to be over, as the number of properties for sale and the time to make a sale have increased. In July 2022, the average number of days a property was on the market was 31 days, as opposed to 20 days in July 2021, which shows that sellers are having a slightly harder time selling their properties as opposed to this time last year.
More competition amongst sellers
Over the last few months, we have seen the market shift into a more balanced one for buyers and sellers. Houses are simply not commanding the prices they were a few months ago, and we are seeing houses on the market for longer, as well as the supply of inventory increasing. Buyers have more options available now, and sellers may need to be slightly less optimistic about the prices they can ask as well as how quickly they can expect their property to be sold.
Are you looking to sell?
Are you looking to sell your property?
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