Looks like things are cooling in the real estate market in niagara as the Niagara Association of Realtors (NAR) reported 955 property sales processed through the MLS system in May which is a 5.91% decrease in sales compared to May of last year.
Sales were down but prices were up however with the residential average sale price of $406,936 (26.56% higher than last May). The average days on market decreased from 42 to 18 in the residential freehold market and decreased from 79 to 18 in the condominium market.
“During the month of May, we saw a nice rise in inventory across Niagara,” said Randy Mulder, President of the Niagara Association of REALTORS®. “This is a welcome development, and led to a slight move towards a more balanced real estate market. We are still experiencing a “Seller’s Market”, and it remains to be seen whether May is indicative of things to come, or simply the result of a particular set of circumstances in a particular point in time.”
Stats for the Niagara region below…
BOTTOM LINE: Thing remain lively in the real estate market but there are no guarantees as to where it will go.
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