April Residential Market Reports – Provided By Royal LePage Niagara Real Estate Centre (Click To Open)
Average sale prices continued to climb throughout the region with April sitting at $317,322 compared to the year to date average of $309,114. The number of residential sale units were up 26% over last year and we expect this trend to continue for at least the next few months.
New listings were still lower than expected creating a shortage of available properties for home buyers. The sales to listing ratio was in a strong sellers market with most areas well above the 80% ratio, compared to a normal balanced market of 55-65% ratio.
Most homes are selling at an average of 98% of the list price although we have seen a percentage of properties sell above the Listing price.
Inventory levels are still low compared to the demand for homes & Buyers are finding themselves in competitive offer situations to get their offers accepted.
We need more listings!!!