Royal LePage Niagara has exceeded the July 2010 sales activity by 20%. The Niagara Association of Realtors reported an increase of 6% in home sales over July last year. On average sales activity is down 9% in the region.
The average sale price of a single family home rose to $228,598 from the $223,099 reported for the same period last year. This 2.5% rise in sale price is well below other markets which are experiencing increases of 10% or more.
The sales of luxury homes over $400,000 in the Niagara region are robust with sales units up 15% for the year and 70% in the last 2 months.
Most markets within Niagara and surrounding areas are described as balanced however Grimsby, Stoney Creek, and Smithville are still in a seller’s market as inventory levels remain low & buyer demand is high.
Sales activity over the next few months is expected to rise as we enter the traditional fall market. Interest rates are projected to remain low which should encourage more people to move onto or up the property ladder.