The Niagara Association of REALTORS® has released the latest residential real estate statistics for Niagara which continues to boom with new listings, higher price points and fewer days on the market.
According to the numbers there were 1,246 residential properties listed in May 2021 compared to 772 in May 2020 and slightly fewer than the 1,329 listings in April 2021. The average days it took to sell a home in May 2021 was 14 days, compared to 43 days in May 2020 and 15 days in April 2021.
“When will the housing bubble break?” – the Association says that there is no bubble, only a significant shortage of inventory, a pent-up buyer demand, and record low mortgage rates; three factors which continue the upward pressure on housing prices.
Below, the Market Report for May.
The Canadian Real Estate Association has predicted that there will be more than 700,000 homes sold in Canada this year and current activity in the Region of Niagara confirms that we will be part of that record-breaking pace.
For more information about real estate in the Niagara Region visit the website HERE.
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