Niagara Falls, St. Catherines, and Welland
Do you want to sell your house in Niagara Falls, St. Catherines, or Welland? The Niagra Association of REALTORS® (NAR) is here to give the best selling experience. The real estate agent's sale activity might interest you. The following Niagra Association of REALTORS® market update will be beneficial, especially to those who want to sell their houses, homes, or residential properties in these regions.
The Home Sales Activity
In November 2019, NAR recorded a home sales activity totaling 694 units. Terri MacCallum, the President of NAR said they expected a decrease in sales at the end of November 2020 hence a slowing market. There had been low mortgage due to increased home price index in November 2020. Moreover, they listed 664 residential properties in the same month compared to that recorded in November 2019.
The Sales of Single Detached Homes
In the third quarter of 2020, NAR sold single detached homes in Niagra Falls totaling 694 units. This figure is a 44.5% increase compared to the previous year in the same period. In St. Catharines, the NAR sold a total of 971 units of single detached homes in the third quarter of 2020. This recorded figure is a 19.9% increase compared to that of 2019 and was the highest level recorded in the region for that period. Moreover, in the third quarter of 2020, NAR recorded 525 units of single detached homes in Welland. This was an increase of 30% compared to the same period in the previous year. Also, the figure was the highest recorded level of detached homes in the area for that period.
Months of Inventory
These are the months it can take to sell the available inventories at the prevailing sales activity rate. The months of inventory in Niagara Falls was 1.1 at the end of the third quarter of 2020, a decrease from the 4 months experienced in the previous year at that time. On the other hand, St. Catharines recorded 1.3 months at the end of the third quarter of 2020, a decrease from the 3.2 reported in 2019 in the same period. Furthermore, Welland recorded 1 month of inventory at the end of the third quarter of 2020. This was a decrease from the 3.7 months at the end of the third quarter of the previous year.
The Median Number
In the third quarter of 2020, Niagara Falls recorded 19 as the medium number of days in the market for detached homes. This figure reduced from the 24 days in the previous year. Moreover, St. Catharines recorded a medium number of 15 days in the third quarter of 2020 from the 22 recorded in the third quarter of 2019. Additionally, Welland reported 15 days as the medium number for detached homes in the third quarter of 2020 unlike the 26 days recorded in 2019 in the same period.
Conclusion
The Niagara Association of REALTORS® (NRA) is a real estate agent ready to help people sell their houses and detached homes in Niagara Falls, St. Catharines, and Welland. If you want to sell your residential property, such as a detached home, go ahead and sell through NRA.