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MARKET UPDATE MAY 2023
Dated: June 9 2023
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The Spring market arrived in May as we saw an increase in sales, new listings & average sale price compared to April. The average days on market has remained virtually the same at 30 days. Average sale price has risen 12% since January, when we saw a bottoming out of home prices in Niagara.
https://www.youtube.com/watch?v=zUHo-5MIASc&t=3s
Currently, prices are resembling late summer/fall of last year. What’s holding prices right now is the lack of inventory, and more specifically a lack of quality & properly priced homes. Canadian home buyers continue to show resilience & strength in this market by making moves. But buyers are exercising caution in the home buying process, making sure a home is the perfect fit for them and priced properly to current market conditions.
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Out of town demand is still here, and it is not going anywhere! There is significant value in Niagara homes prices compared to our neighbours in the GTA, where their AVG sale price lies around $1.1M. Approximate 50% of home sales in Niagara have an out of town agent on the buying end.
We encourage buyers to act with haste to secure a property before competition intensifies.The Niagara housing market continues to hold value!
*For specific stats on your neighbourhood and city, reach out directly.
Emily DeSantis
With over a decade of experience in Niagara real estate, Emily DeSantis is a trusted name in the industry. Born & raised in St. Catharines, she now lives in Port Dalhousie, where she manages her own i....
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The Spring market arrived in May as we saw an increase in sales, new listings & average sale price compared to April. The average days on market has remained virtually the same at 30 days.
Data provided by the Ontario Regional Technology & Information Systems. The information is deemed reliable, but is not guaranteed. Not intended to solicit buyers or sellers, landlords or tenants currently under contract.
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