Jas Sarai
RE/MAX Niagara
Languages
- English
- Hindi
- Punjabi
Specialties
Buyers, Downsizing, First Time Buyers, First Time Sellers, New Builds, New Construction, Residential, Sellers
Locations
Beamsville, Burlington, Fonthill/Pelham, Grimsby, Hamilton, Lincoln, Niagara Falls, Niagara-on-the-Lake, St. Catharines, Stoney Creek, Thorold, Welland
Niagara Real Estate Market Overview - July
In St. Catharines, residential home sales for the Niagara Association of REALTORS® (NAR) reached 503 units in July 2024, down slightly from 522 in July 2023. There were 1,345 new residential listings this July, compared to 1,280 during the same time last year. Homes took an av...
Sep 14, 2024
In St. Catharines, residential home sales for the Niagara Association of REALTORS® (NAR) reached 503 units in July 2024, down slightly from 522 in July 2023. There were 1,345 new residential listings this July, compared to 1,280 during the same time last year. Homes took an average of 42 days to sell, which is a 31.3% increase from last year.
Nathan Morrissette, President of the Niagara Association of REALTORS®, noted that with the Home Price Index (HPI) dropping slightly and homes staying on the market longer, buyers are being more cautious and taking their time. He added that although the Bank of Canada has recently reduced interest rates, it will likely take more cuts before we see any significant impact in the Niagara market.
The MLS® Home Price Index (HPI) provides a more accurate measure of price trends than average or median prices. In July 2024, the composite benchmark price for the Niagara Region was $646,900, a 3.3% decrease compared to July 2023. The typical home in this index is between 51 to 99 years old, with three bedrooms and two bathrooms. You can see the full breakdown in the chart provided.