Niagara Market Stats - July 2024
Niagara Real Estate Market Update - August 2024
Residential home sales activity recorded through the MLS® for the Niagara Association of REALTORS® (NAR) totaled 503 units in July 2024, compared to 522 July 2023.
In July, the NAR listed 1345 residential properties compared to 1280 in July 2023.
The average days it took to sell a home in July 2024 was 42 days, a 31.3% increase from July 2023.
The MLS® Home Price Index (HPI), tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price for the Niagara Region was $646,900 in July 2024. This was a 3.3% decrease from July 2023.
With the HPI slightly dropping and the increase in the days on market, Buyers are still hesitant and are afforded the time to be selective.
With the recent Bank of Canada Interest rate drop it will take time before we see any change and will likely take more drops to have any meaningful impact in Niagara.
Thinking about buying or selling? Now is a great time to explore your options. Contact me today to discuss how we can make the most of this market for you!
Tracy Phelan, Broker
905 321 6165
soldbytracy1@gmail.com
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