Niagara Residential Real Estate Market Rebounds
Posted on 2010-01-28 13:15:20
Royal Lepage Niagara Real Estate - The residential resale market rebounded in the second half of 2009.Sales activity in the 4th Quarter surpassed the 2008 final quarter by 37%. While the year over year final numbers indicated a less than 1% drop from the prior year sales volumes 3 areas within the region experienced double digit growth. Pelham/Fonthill increased 17.4%, Niagara on the Lake had a substantial turnaround with a 14% jump, and Port Colborne was up 13.5%. Other markets include:
Niagara Falls 986 sales
Fort Erie 477 sales
St.Catharines 1582 sales
Thorold 241 sales
Welland 705 sales
Lincoln 235 sales
Grimsby 422 sales
Smithville 72 sales
West Lincoln 52 sales
Dunnville & Twshp 125 sales
The Average Sale price of a single family home rose to $214,963 from the $210,981 reported for 2008. Listing inventory has been declining for the past 6 months & Buyers have found it difficult to find their dream home. We are expecting to see increased sales activity over the next 6 months & average sale prices will continue to rise.
Royal LePage Real Estate Services has stated Canada’s residential real estate market is forecast to remain unusually strong through the first half of 2010 as economic conditions across the country improve and the stimulus impact of low interest rates continues to stoke demand, according to today’s Royal LePage House Price Survey and Market Survey Forecast. As confidence in the recovery builds in early 2010, increases in average house price levels and overall market activity are expected to continue. The gradual erosion of affordability driven by higher house prices and the expected late-year modest upward movement of interest rates, together with an improvement in listings supply as confidence improves, are expected to bring the market back into balance in the second half of the year, when home price increases are expected to moderate.
“The Canadian real estate market enters 2010 with considerable momentum from a unusually strong finish to the previous year, said Phil Soper, president and chief executive, Royal LePage Real Estate Services. “The stimulus effect of low borrowing costs has contributed to a sharp rise in demand that has driven activity levels to new highs. This demand, coupled with a typical seasonal undersupply of homes for sale, should cause home prices to continue to appreciate significantly during the early months of the year. Improving supply as the year unfolds and easing demand as the cost of home ownership rises should moderate home price increases in the second half of 2010.”
