September 2011 was a steady month for the Niagara real estate market with similar sales volumes, prices increasing marginally, and listings and sales numbers consistent with previous years. While total annual sales remained about 8% lower than 2008 levels, average home prices increased year-to-date across the region. New listings and sales numbers also saw minimal fluctuations over the past few years on a monthly and annual basis. The report concluded the market was best described as experiencing "gentle waves" without major price or volume changes.
2. Market Summary: September 2011 September was another ‘steady as she goes’ type of a month for the Niagara real estate market. Volume has been similar, sales prices close or with marginal growth and overall listings and sales numbers within range of the last few years. To answer the question “how is the market these days” is a tough one to answer. What can be said is overall it is probably better than a lot of people think it is. Total sales are holding year over year however the number is still down around 8% from this time in 2008. What has held or creeped up is the average sale prices with the year-to-date average at $229,052 for the region. A few examples of year-to-date average sale prices are (numbers in brackets are YTD for the same time a year ago) :: Niagara on the Lake :: $457,705 ($423,403) Niagara Falls :: $215,234 ($212,271) St.Catharines :: $217,435 ($216,813) Welland :: $177,059 ($178,347)
3. The big grower over the last few years has been Thorold with average price moving from $190,439 (YTD September 2008) to $213,162 (YTD September 2011). New listing volume has been fairly consistent over the year however the years have been abnormally lopsided whether it was the introduction of the HST or the terrible spring weather we had this year. In general, the new listings number has been +/- a few percent so far this year. For example, Fort Erie has had new listing numbers move from 110 to 114 to 105 to 104 for the month of September in the years 2008, 2009, 2010 and 2011 respectively. Sales numbers as well have actually been fairly consistent. St.Catharines saw a bit of a dip in 2009 but overall, the sales number for the month of September has ranged between 102 and 135, the high year being 2011. The same can be seen across the board with average number of sales moving less than 5 or 6% in either direction. There is a definite dip though from 2008 to 2009, when the global economy took a left turn.
4. A quick summary of total sales year-to-date :: 2008 2009 2010 2011 Niagara on the Lake 179 175 184 189 Niagara Falls 829 766 845 808 St.Catharines 1413 1224 1275 1264 Fonthill/Pelham 156 170 166 145 Overall, a market from year to year that is best described as a “gentle wave” with no great movements in either direction. When putting a valuation on anything, it is important to look at the market as well as the home and the neighbourhood it is located in. Sometimes we see a particular neighbourhood or area that defies the local statistics. To discuss your home, please feel free to contact us at your convenience. THEbTEAM