How did the NIAGARA 2018 real estate market perform?
The above infographic compares to the same month for this and previous years. It’s a snap shot but doesn’t tell the whole story! For a better understanding, look at data plotted below.
- The top plots are for fully detached homes, with average sale price on the left plot and the number of units sold on the right.
- The plots on the bottom show the performance of all other residential or “non-detached” properties.
Fully Detached Homes
- Average Price… While Niagara didn’t go through the extreme pricing swings in 2017 of some areas closer to the GTA, 2018 has remained healthy, and even some moderate growth. In comparison to the GTA market, this has been good as homes have retained value.
- Number of Sales started well, but as the market in general has softened, so has the number of sales. Expect this to pick up a bit for 2019’s spring market, as things stabilize in general.
Non-Detached Homes (Semi, Towns, Condo Apartments)
- Average Price – Like detached homes, value has not been lost in Niagara, and in fact has trended to a stronger price through to the end of 2018!
- Number of Sales started strong, but we saw the market impact as sales have not reached the levels of the last three years. Already we see signs improvement. Like Detached Homes, look for this to be better in 2019!
The Market in general is correcting, prices in Niagara are stable if not improving. Great time to buy a home in Niagara! Look to 2019 to east back in to a healthy growth rate.
As always, this varies between specific areas and types of property, so if you really want to know what’s going on in your area, please contact me!
UNDERSTAND YOUR HOME’S VALUE
Knowing the actual value of your home in a quick moving market is not always easy…
- What were the factual sale prices of properties similar to yours?
- How do various differences impact the value?
- What is the market doing to your neighbourhood’s value?
It’s what we do, use our resources and experience to get detailed answers related to your home specifically. Please fill in the questions below to receive a detailed evaluation of your property. I do this personally for you using my knowledge and experience combined with factual data from your neighbourhood.
Or if you prefer, call me directly at 905-827-6606! I’d be delighted to hear from you….
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