In St. Catharines, there were 488 homes sold through the MLS® for the Niagara Association of REALTORS® (NAR) in August 2024, down from 523 in August 2023. The number of new listings in August dropped slightly to 1,192 from 1,220 last year. On average, homes took 45 days to sell, which is a 36.4% increase compared to August 2023.

According to Nathan Morrissette, President of the Niagara Association of REALTORS®, new listings dropped by 11.4%. Even though sales have remained steady, the lower number of listings is helping to bring down inventory levels, which is necessary to balance the market. With the cumulative days on market now at 70 days, it's essential for sellers to work closely with a local REALTOR® to get the right expertise and maximize their success. He also pointed out that the Bank of Canada recently reduced its interest rate to 4.25%, which should give buyers more confidence to enter the market. While inventory is still relatively high, these recent shifts could lead to a busier-than-usual end of the year for Niagara.

The MLS® Home Price Index (HPI), which provides a more accurate view of price trends than average or median prices, shows the composite benchmark price for the Niagara Region at $640,200 in August 2024, a 3.3% decrease from August 2023. The typical home in this index is between 51 to 99 years old, with three bedrooms and two bathrooms. You can find the full breakdown in the accompanying chart.