Hi Everyone, I wanted to provide you with the May 2024 STATS for the NIAGARA REGION. Both by Month vs Month (April 2024 vs May 2024) & Year vs Year (May 2023 vs May 2024).
UNIT SALES
In the reports below, you will notice that UNIT SALES (April 2024 vs May 2024) there was zero change ( Niagara Falls, Fort Erie & West Lincoln ONLY areas that saw increases), however UNIT SALES (May 2024 vs May 2023) there was an (11.9%) DECLINE in UNIT SALES from the 683 recording the year prior (ALL areas in the NIAGARA REGIONS saw declines in UNIT SALES)
SALE PRICES
You will see that the SALE PRICES (April 2024 vs May 2024) there was a small increase in prices by 1%, however SALE PRICES (May 2024 vs May 2023) there was a (1.5%) DECLINED in SALE PRICES from the prior year (with ONLY Port Colborne/Wainfleet, Welland & Thorold showing small increases)
NEW LISTINGS
You see that the NEW LISTINGS (April 2024 vs May 2024) there was a shape increase by 12.3%, and NEW LISTINGS (May 2024 vs May 2023) the increase was even larger at 19%.
Now the Bank of Canada did just recently lower their rate a 1/4% to 4.75, which honestly it will take a little time for that to have an impact and I suspect Buyers are waiting to see if there will be further decreases.
What we are seeing is the Buyers & Sellers are digging in and as a result, you are seeing fewer sales and inventory climbing now to over 5 months here in NIAGARA , which is starting to create a BUYER's MARKET, so great for the BUYERS and may be time to start to look before INTEREST RATES fall further and you see a shift again.. In a perfect world you would think that prices may fall a little further, but time will tell.
