Niagara Market Stats - October 2024
Residential home sales activity recorded through the MLS® for the Niagara Association of REALTORS® (NAR) totalled 539 units in October 2024, compared to 377 in October 2023.
In October, the Niagara Association of REALTORS® listed 1274 residential properties compared to 1207 in October 2023.
The average days it took to sell a home in October 2024 was 43 days, a 16.2 % increase from October 2023.
"With the amount of sales increasing 43% from last October and increasing 10.5% from last month it's a good indicator that things are trending in the right direction and buyers are definitely coming off the sidelines. Buyers are gaining confidence in the market with the Bank of Canada announcement reducing the policy interest rate by .50% a few weeks ago and some mortgage rule changes coming in December. While the days on market reduced to 43 days the cumulative days on market was at 76 days and is a better indicator of how long homes are taking to sell from the start of hitting the market.
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 $638,500 in October 2024. This was a 0.4 % decrease from October 2023.
Sellers and Buyers should contact me soon to start the process now to have a solid understanding of the market if they are thinking about buying or selling in the next year.