The Niagara real estate market has seen some shifts compared to the same time last year. Here's what the data is telling us:
1️⃣ Fewer Homes Hitting the Market
- New listings are down by 5.58% compared to last January.
- This means there are slightly fewer options for buyers, but inventory remains active.
2️⃣ Home Prices Have Decreased
- The average sale price has dropped by 5.29%, from $497,865 to $471,543.
- This suggests that sellers are adjusting their expectations to align with current buyer demand.
3️⃣ Homes Are Taking Slightly Longer to Sell
- The average days on market increased from 50 to 54 (up by 8.00%).
- This means homes are staying on the market a bit longer, possibly due to cautious buyer behavior.
4️⃣ Close Price to List Price Ratio Remains Strong
- Sellers are still getting an average of 96.7% of their list price, a slight improvement (+0.31%) from last year.
- This indicates that well-priced homes are still selling relatively close to asking.
What Does This Mean for Buyers & Sellers?
📉 For Buyers: Prices have adjusted slightly, and with homes taking longer to sell, there may be room for negotiation.
📈 For Sellers: The market is still active, but pricing competitively and ensuring your home stands out is key to attracting serious buyers.
Have questions about how this impacts your real estate plans? Let’s chat.